Mark J. Rhoads, Missouri Energy Forum
The Trump Administration announced that it would move to impose $50 billion in tariffs on Chinese products which elicited an immediate response from China that it would retaliate in-kind. News reports indicate that China plans to answer with additional tariffs of 25% on $50 billion worth of U.S. products which include agricultural products, automobiles and seafood.
This most recent announcement by the Trump Administration follows an announcement that it would impose a 25% tariff on steel and aluminum products produced in Mexico, Canada and the European Union, which again elicited a tit-for-tat response from those allied countries.
Missouri leaders must pay attention to these trade-war developments as they impact two of Missouri’s major industries – agriculture and automobile manufacturing. Additionally, the tariffs impact the nation’s ability to continue to lead the world in oil and natural gas production because our industry relies upon production of specialty steel products that are not produced in America.
The Missouri Farm Bureau and the Missouri Soybean Association have indicated concerns regarding the Administration’s policies. This is an issue that all Missourians should be concerned about.