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((PLAYBOOK SLUG: T24 1206 Trump Tariffs
HEADLINE: US farmers, economists weigh in on impact of tariffs
TEASER:
PUBLISHED AT: 12/6/24 8:35am
BYLINE: Kane Farabaugh
CONTRIBUTOR:
ASSIGNING EDITOR: Scott Stearns
DATELINE: Chicago, Illinois
VIDEOGRAPHER: Kane Farabaugh
PRODUCER: Kane Farabaugh
SCRIPT EDITORS: caw, DLJ
VIDEO SOURCE (S): VOA
PLATFORMS (mark with X): WEB __ TV X RADIO __
TRT: 3:01
VID APPROVED BY: Reifenrath
TYPE: TVR
EDITOR NOTES: ))
((INTRO)) [[ Through social media posts, President-elect Donald Trump has threatened to imposed tariffs on Canada, China and Mexico – three of the top trading partners for the United States. VOA’s Kane Farabaugh has more about the potential economic impact if Trump follows through.]]
Nats: Trump: "Thanks to our tariffs and tough trade policies..."
((NARRATOR))
When then-President Donald Trump signed the United States, Mexico, Canada Agreement, or USMCA, in 2020, Illinois farmer David Isermann viewed that as a positive move for U.S. trade policy.
((David Isermann, Illinois Farmer))
“That was something that needed to be done, and he gets good credits for doing that because there were issues there.”
((NARRATOR))
But Trump’s latest social media posts proposing tariffs against Canada and Mexico would violate the terms of the USMCA and could impact the price of corn and soybeans – products the United States exports to those countries, which are key sources of income for farmers like Isermann.
((David Isermann, Illinois Farmer))
“The problem with a tariff is it becomes a back and forth, a tit for tat thing.”
((Kimberly Clausing, UCLA School of Law)) ((Skype courtesy))
“If we were to put on this kind of ad hoc across the board tariffs, many of our trading partners would then retaliate.”
((NARRATOR)) (((Skype courtesy))
Kimberly Clausing is an economist with the University of California, Los Angeles.
((Kimberly Clausing, UCLA School of Law))
“Really no rich countries rely on tariffs as a substantial source of revenue.”
((Donald Trump, Republican Presidential Nominee)) ((Mandatory Courtesy: Bloomberg)) ((add date chyron: October 2024))
“To me the most beautiful word in the dictionary is tariff.”
((NARRATOR))
Speaking to the Economic Club of Chicago while campaigning for president in October, Trump outlined why he believes tariffs help the U.S. economy.
((Donald Trump, Republican Presidential Nominee)) ((Courtesy: Bloomberg))
“Number one it’s for protection of the companies we have here and the new companies that will move in, because we will have thousands of companies coming into this country. We're going to grow it like it's never grown before.” ((end courtesy))
((NARRATOR))
In a June 2024 report, the non-partisan and non-profit Tax Foundation showed tariffs imposed on roughly $380 billion worth of products during the first Trump administration cost Americans about $80 billion in new taxes.
President Joe Biden’s administration kept most of those tariffs in place and added about $18 billion in new tariffs on Chinese goods including semiconductors and electric vehicles. Combined, the Tax Foundation says tariffs imposed during the last seven years have cut GDP by .2 percent and eliminated about 140,000 full time jobs in the U.S.
((Ryan Whitehouse, Illinois Farm Bureau))
“Tariffs are not a competitive edge for Illinois farmers or American agriculture.”
((NARRATOR))
Ryan Whitehouse is director of national legislation for the Illinois Farm Bureau, which advocates for farmers to lawmakers. In 2019, China imposed retaliatory tariffs on U.S. soybean exports, leading China to turn to other suppliers. This year, China's share of U.S. soybean imports is 18%, down from 40% in 2016, while Chinse customs data shows Brazil’s share has grown to 76%.
Whitehouse is concerned that a new wave of retaliatory tariffs will hurt U.S. corn and soybean farmers already dealing with low prices.
((Ryan Whitehouse, Illinois Farm Bureau))
“If you look at the path of the past Trump administration, it’s a path that causes some concern. We want to make sure that we open those markets, not close those markets.”
((David Isermann, Illinois Farmer))
“We’re going to have the biggest agricultural trade deficit in a long, long time.”
((NARRATOR))
Which is why farmer David Isermann hopes tough talk about new tariffs doesn’t translate into action that could impact his income.
((David Isermann, Illinois Farmer))
“History shows there are no winners.”
((NARRATOR))
((Kane Farabaugh, VOA News, Chicago))
NewsML Media TopicsArts, Culture, Entertainment and Media
Subtitles / Dubbing AvailableNo
NetworkVOA
Embargo DateDecember 6, 2024 08:42 EST
BylineKane Farabaugh
Brand / Language ServiceVoice of America - English
