Download or read book Retaliatory Tariffs and U S Agriculture written by Anita Regmi and published by . This book was released on 2019-09-17 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Certain foreign nations have targeted U.S. food and agricultural products with retaliatory tariffs since early 2018 in response to U.S. Section 232 tariffs on steel and aluminum imports and Section 301 tariffs levied on U.S. imports from China. Retaliatory tariffs have made imports of U.S. agricultural products relatively more expensive compared to similar products from competitor nations. In the short run, U.S. shipments of products to countries with retaliatory tariffs have declined, reducing overall global demand for affected U.S. agricultural products and driving down the prices of U.S. agricultural commodities. Depending on the length and depth of the tariffs and the range of products affected, some experts caution that the long-run trade impacts could inflict further harm as U.S. competitor countries have an incentive to expand their agricultural production. The total value of exports of U.S. food and agricultural products levied retaliatory tariffs in 2018 was $22 billion, down 27% from $30 billion in 2017. China accounted for about 80% of the total affected trade in both years. Despite the retaliatory tariffs, U.S. agricultural exports rose in 2018 to $140 billion from $138 billion in 2017, partly due to higher imports during the months leading up to the retaliatory tariffs and increased exports to other non-retaliating countries. With the continuation of retaliatory tariffs, U.S. Department of Agriculture (USDA) projects U.S. agricultural exports to decline about 4% in 2019. While trade-aid packages may provide short-term financial assistance, some studies and critics of the President's actions caution that the long-term consequences of the retaliatory tariffs may present more challenges. Even as China has raised tariffs on U.S. imports, it has improved access to its markets for other exporting countries. Brazil, Russia and other countries are expanding their agricultural production to meet China's import demand. For example, Russia's investments during the past two decades have resulted in agricultural productivity growth ranging from 25% to 75%, with higher productivity growth along its southern region. Although still at relatively modest levels, China's total food and agricultural imports from Russia increased 61% between 2017 and 2018. The continuation of trade disputes and retaliatory tariffs may be of interest to Congress for the following reasons. Trade disputes have disrupted global markets and increased uncertainty in the farm input and output sectors. They may add to production costs, they have dampened exports, impacted farm income, and triggered additional federal assistance for the farm sector. In the short-run, there could be some transient benefits associated with various aspects of the agricultural sector. In the long-run, other countries may expand agricultural production, potentially displacing U.S. agricultural exports to become larger food and agricultural suppliers to China.

Download or read book China s Retaliatory Tariffs on U S Agriculture written by Anita Regmi and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Profiles and Effects of Retaliatory Tariffs on U S Agricultural Exports written by and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Economic Impacts of Retaliatory Tariffs on U S Agriculture written by Stephen N. Morgan and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Impact of Retaliatory Tariffs on Agricultural and Food Trade written by Colin A. Carter and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the short-run trade effects of retaliatory tariffs against agriculture and food exports from the United States. The results indicate that these tariffs caused a substantial decline in U.S. agriculture and food exports and induced a reorientation of international trade patterns. We find that losses in foreign trade with retaliatory countries outweigh the gains from trade with non-retaliatory countries by more than USD 14.4 billion. Our results also indicate that non-retaliatory countries accommodated the increased demand from retaliatory countries by reorienting their trade relationships. We find that countries in South America and Europe benefited the most from these adjustments gaining more than USD 13.5 billion in additional foreign sales. The effects of retaliatory tariff increases across products vary substantially, with soybeans and meat products experiencing the most considerable redistribution effects.

Download or read book The Impact of Retaliatory Tariffs on Agricultural and Food Trade written by Colin Andre Carter and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the short-run trade effects of retaliatory tariffs against agriculture and food exports from the United States. The results indicate that these tariffs caused a substantial decline in U.S. agriculture and food exports and induced a reorientation of international trade patterns. We find that losses in foreign trade with retaliatory countries outweigh the gains from trade with non-retaliatory countries by more than USD 14.4 billion. Our results also indicate that non-retaliatory countries accommodated the increased demand from retaliatory countries by reorienting their trade relationships. We find that countries in South America and Europe benefited the most from these adjustments gaining more than USD 13.5 billion in additional foreign sales. The effects of retaliatory tariff increases across products vary substantially, with soybeans and meat products experiencing the most considerable redistribution effects.

Download or read book The Impact of Retaliatory Tariffs on Agriculture and Food Trade written by Colin A. Carter and published by . This book was released on 2020 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the short-run trade effects of retaliatory tariffs against agriculture and food exports from the United States. The results indicate that these tariffs caused a substantial decline in U.S. agriculture and food exports and induced a reorientation of international trade patterns. We find that losses in foreign trade with retaliatory countries outweigh the gains from trade with non-retaliatory countries by more than USD 14.4 billion. Our results also indicate that non-retaliatory countries accommodated the increased demand from retaliatory countries by reorienting their trade relationships. We find that countries in South America and Europe benefited the most from these adjustments gaining more than USD 13.5 billion in additional foreign sales. The effects of retaliatory tariff increases across products vary substantially, with soybeans and meat products experiencing the most considerable redistribution effects.

Download or read book China s retaliatory tariffs on U S agricultural products written by Jenny Hopkinson and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book How U S Agriculture Will Fare Under the USMCA and Retaliatory Tariffs written by Maksym Chepeliev and published by . This book was released on 2019 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: A hallmark of the Trump A ...

Download or read book China s Retaliatory Tariffs on Selected U S Agricultural Products written by Hopkinson and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Tariff and the Farmer written by Samuel Payson Perry and published by . This book was released on 1908 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Agriculture in U S Tariff Bargaining written by Robert B. Schwender and published by . This book was released on 1956 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Help for the Heartland written by David H. Autor and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the economic and political consequences of the 2018-2019 trade war between the United States, China and other U.S. trade partners at the detailed geographic level, exploiting measures of local exposure to U.S. import tariffs, foreign retaliatory tariffs, and U.S. compensation programs. So far, the trade-war has not provided economic help to the U.S. heartland: import tariffs on foreign goods neither raised nor lowered U.S. employment in newly-protected sectors; retaliatory tariffs had clear negative employment impacts, primarily in agriculture; and these harms were only partly mitigated by compensatory U.S. agricultural subsidies. Nevertheless, consistent with expressive views of politics, the tariff war appears to have been a political success for the governing Republican party. Residents of regions more exposed to import tariffs became less likely to identify as Democrats, more likely to vote to reelect Donald Trump in 2020, and more likely to elect Republicans to Congress. Foreign retaliatory tariffs only modestly weakened that support.

Download or read book How Differing Trade Policies May Impact U S Agriculture written by Maksym Chepeliev and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last two years, the United States has reversed the post-World War II trend toward the lowering of trade barriers and a commitment towards multilateral free trade. Citing a need to “level the playing field” and hold trading partners accountable to their commitments, the current Administration has moved towards a more protectionist and perhaps mercantilist position vis-à-vis trade policy. One of the Administration's first actions in this regard was the decision to leave the Trans-Pacific Partnership (TPP) agreement, followed thereafter by raising tariffs on steel and aluminum imports. The Administration's actions on trade are likely to have significant implications for U.S. farmers as these actions target three of the largest markets for U.S. agricultural exports - Canada, China and Mexico - accounting for some 44%, and representing an average of $63 billion, of U.S. agricultural exports 2013 to 2015. Though the yet-to-be-ratified renegotiation of the North American Free Trade Agreement (NAFTA), known as the United States-Mexico-Canada Agreement (USMCA or NAFTA 2.0), consolidates the gains from the original agreement and provides some additional modest market access for U.S. agricultural exports (an estimated $454 million), U.S. farmers still are facing strong headwinds and the possibility of a significant loss of export revenues. According to these estimates, the United States' withdrawal from the TPP reduces agricultural and food exports by $1.8 billion a year ($1.4 billion, with the offsetting $454 million of USMCA export gains). Following trade liberalization between the 11 remaining TPP members, there is an increase in trade within those countries, which substitutes away from U.S.-based imports and causes a corresponding loss in U.S. export markets. However, if the United States were to rejoin the TPP, the agreement would significantly benefit U.S. farmers -- the loss of $1.4 billion would turn into a gain of $2.9 billion in additional agricultural exports. If the current U.S. trade policy were to continue towards protectionism (i.e., with the U.S. withdrawal from TPP, with the global retaliatory tariffs and if the United States were to entirely withdraw from NAFTA), U.S. agricultural exports would drop by $21.8 billion. These negative trade impacts would be reflected in lower incomes for U.S. farmers, reduced agricultural land returns and farm labor displacement. On average, such an export reduction is equivalent to $4,000 per person employed in the agricultural and food sectors. This scenario would also result in an aggregate welfare loss of $42.5 billion to the U.S. economy, or over $340 per U.S. household. What does all this mean? It suggests that U.S. agriculture is entering a volatile period in international trade. The data suggests the sector currently risks losing much of the trade gains achieved over the past three decades. The analysis predicts that if the USMCA is approved, if the trade war ends and if the United States rejoins TPP, U.S. agriculture could see not only the gains of the past decades reinforced but could also realize the potential for additional trade gains. Needless to say, the outcome strongly impacts the future of the U.S. food and agriculture sector.

Download or read book Clashing Over Commerce written by Douglas A. Irwin and published by University of Chicago Press. This book was released on 2017-11-29 with total page 873 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs

Download or read book Peddling Protectionism written by Douglas A. Irwin and published by Princeton University Press. This book was released on 2017-10-24 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: A history of America's most infamous tariff The Smoot-Hawley tariff of 1930, which raised U.S. duties on hundreds of imported goods to record levels, is America's most infamous trade law. It is often associated with—and sometimes blamed for—the onset of the Great Depression, the collapse of world trade, and the global spread of protectionism in the 1930s. Even today, the ghosts of congressmen Reed Smoot and Willis Hawley haunt anyone arguing for higher trade barriers; almost single-handedly, they made protectionism an insult rather than a compliment. In Peddling Protectionism, Douglas Irwin provides the first comprehensive history of the causes and effects of this notorious measure, explaining why it largely deserves its reputation for combining bad politics and bad economics and harming the U.S. and world economies during the Depression. In four brief, clear chapters, Irwin presents an authoritative account of the politics behind Smoot-Hawley, its economic consequences, the foreign reaction it provoked, and its aftermath and legacy. Starting as a Republican ploy to win the farm vote in the 1928 election by increasing duties on agricultural imports, the tariff quickly grew into a logrolling, pork barrel free-for-all in which duties were increased all around, regardless of the interests of consumers and exporters. After Herbert Hoover signed the bill, U.S. imports fell sharply and other countries retaliated by increasing tariffs on American goods, leading U.S. exports to shrivel as well. While Smoot-Hawley was hardly responsible for the Great Depression, Irwin argues, it contributed to a decline in world trade and provoked discrimination against U.S. exports that lasted decades. Peddling Protectionism tells a fascinating story filled with valuable lessons for trade policy today.

Download or read book The Trade and Welfare Impacts of the U S Retaliatory Tariff on EU Olive Oil written by A. Malek Hammami and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: