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Rick Worthington Trade Wars
by Rick Worthington, click here for bio

Program: Farm and Ranch Report
Date: March 30, 2018

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Farmers and Ranchers are wondering the same thing everyone else is... What is going on with all these tariffs, and how will it help or hurt me in the long run.

Gregg Doud US is the Chief Ag Negotiator and explains why our nation is challenging China before the World Trade Organization regarding two areas of China's farm policy.

In its initial counterstrike, China announced a 25 percent levy on U.S. pork imports -- a heavy blow to Iowa, the top pork-producing state and a political battleground that swung to Trump in 2016 after going for Democrat Barack Obama in the previous two elections.

For Trump, U.S. tariffs on Chinese goods and on steel and aluminum imports are the fulfillment of pledges he made in his campaign to crack down on perceived trade abuses. Those promises likely helped him win key states including Michigan, Wisconsin and Pennsylvania.

The administration has offered exemptions on the steel and aluminum tariffs to some countries, and on Thursday night announced that it would at least initially shield allies, including Europe, Australia, South Korea, Argentina and Brazil.

But the president risks broader damage to the economy and to his political standing if the tit-for-tat with China escalates into a trade war, an outcome investors worried was growing more likely, sending stocks tumbling.

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