Trump imposed tariffs of 25 percent on steel and 10 percent on aluminum in a move mainly aimed at curbing imports from China.A&P Grain Systems in Maple Park, Illinois — the seller of the storage bin Strom wanted to buy with a neighboring farmer — raised its price two days after Trump announced aluminum and steel tariffs on March 1 to protect US producers of the metals.The metals tariffs China wholesale heavy hex nut also hitting makers and sellers of farm equipment. And the blow comes as farmers fear a more direct hit from retaliatory tariffs threatened by China on crops such as sorghum and soybeans, the most valuable US agricultural export. “But these days, you have to be smart about your expenses.The world’s two largest economies have threatened each other with tariffs on tens of billions of dollars of goods recent weeks.
The reason: steel prices jumped right after US President Donald Trump announced tariffs.The impact of rising steel prices on agriculture illustrates the unintended and unpredictable consequences of aggressive protectionism in a global economy. Strom and his neighbor backed out. He has since temporarily excluded the EU and six other allies from the duties and given them until May 1 to negotiate permanent exemptions. Such firms are struggling with whether and how to pass along their higher raw materials costs to farmers who are already reeling from low commodity prices amid a global grains glut..A&P Grain President Dave Altepeter said the steel used in their bins is made in the United States, but domestic steel prices also have soared because of the tariffs. US President Donald Trump Kane County (Illinois, US): Lucas Strom, who runs a century-old family farm in rural Illinois, canceled an order to buy a new $71,000 grain storage bin last month — after the seller raised the price 5 per cent in a day.Throughout US farm country, where Trump has enjoyed strong support, tariffs on steel and aluminum imports are boosting costs for equipment and infrastructure and causing some farmers and agricultural firms to scrap purchases and expansion plans, according to Reuters’ interviews with farmers, manufacturers, construction firms and food shippers.”The metals tariffs also hitting makers and sellers of farm equipment, from smaller firms like A&P Grain to global giants such as Deere & Co and Caterpillar.“Would that price destroy us? No,” Strom said.Farmers postpone plans to buy new equipment as firms hike prices. Such firms are struggling with whether and how to pass along their higher raw materials costs to farmers who are already reeling from low commodity prices amid a global grains glut
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