President-elect Donald Trump’s upcoming term creates complex issues for agricultural trade. Bryan Gibson weighs in.
Donald Trump rounded out his cabinet by appointing Brooke Rollins as his secretary of agriculture. Rollins is president of the right-wing America First Policy Institute and welcomed the news by posting on X: “Who’s ready to make agriculture great again!”
On Monday November 25, Rabobank released an interesting report on what Trump 2.0 might mean for our exporters.
Tariffs have been on everyone’s mind since the US election as Trump says he will impose across-the-board tariffs on imports and target select products from the likes of China for massive hikes.
Rabobank says this would cause a rise in global inflation and lessen the spending power of some in our key markets – China, South Korea and Japan.
It forecasts slower GDP growth in the US in the next four years and says domestic food producers will face increasing margin pressure.
In his first term, Trump had to prop up the farming sector with subsidies that rose from US$11.5 billion in 2017 to more than $32bn in 2019.
With US farm incomes already on a downward trajectory, he might have to dip into the coffers once more.
For our exporters it should be obvious that diversification is the key because if China or the US sneeze, we’ll be catching a cold.
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