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Tuesday, March 13, 2018

Tariffs could be disastrous for agriculture | Ohio Ag Net | Ohio's Country Journal

Tariffs could be disastrous for agriculture | Ohio Ag Net | Ohio's Country Journal: In a state whose biggest agricultural export is soybeans, growers of the crop perhaps should be leery.

Tariffs on imported aluminum and steel, which President Trump imposed March 8 could have disastrous consequences, particularly for soybean farmers, according to an agricultural economist with The Ohio State University.

The tariffs of 25% on steel and 10% on aluminum could cause other countries to retaliate by setting tariffs on U.S. goods they import, including soybeans, which are Ohio’s top agricultural export, said Ian Sheldon, who serves as the Andersons Chair in Agricultural Marketing, Trade and Policy with the College of Food, Agricultural, and Environmental Sciences (CFAES).

If that happens, that could further drive down the price of soybeans in the world market and the income Ohio farmers are earning on their soybeans, Sheldon said.