Ag News: Dairy Ind Braces for Tariffs
**Dairy farmers, already facing a drop in milk prices, are now bracing for pain from President Trump’s proposed tax on steel.
Grassland Dairy president Trevor Wuethrich tells agweb.com, the tariffs may be especially acute for small producers that grow their own cattle feed and typically own a couple of tractors, a plow, combine, and other equipment made of steel.
Trump is imposing tariffs on Chinese goods, fanning concerns of a trade war between the world’s largest economies.
**Monsanto is feeling the effects of the shrinking U.S. corn crop.
According to agweb.com, the world’s largest seed company reports disappointing sales and earnings for its fiscal second quarter.
According to last week’s USDA report, U.S. farmers are set to plant 88 million acres this year, down from 90.2 million last year.
The reduction follows several years of bumper crops, a glut of grain and depressed commodity prices.
**On top of that, President Trump has ordered his U.S. Trade Representative to consider imposing tariffs on an additional $100 billion in Chinese imports, a salvo that sent stock futures tumbling.
Agweb.com reports, the move threatens to unravel efforts by top U.S. and Chinese trade officials to lower the heat and reach an agreement that could stave off an escalating conflict.
In a statement issued by the White House, the president pointed to ‘China’s unfair retaliation,’ for his consideration of additional tariffs.