Agricultural and farm machinery manufacturers could soon be affected by retaliatory tariffs from China after President Donald Trump’s tariffs took last Tuesday.
Trump ordered 10 percent higher tariffs on imports from China and threatened Canada and Mexico with duties that were later delayed. After the president’s tariffs on Chinese goods took effect, the country struck back with its own 10 percent tariffs on U.S. goods, including agricultural machinery, which take effect Feb. 10.
More than 50 U.S. farm and gardening products such as mowers, egg sorting machines, sugarcane harvesters and combines were listed as subject to tariffs, according to China’s Ministry of Finance. Several types of tractors, sprayers and planters were also included on the list. China’s tariffs come as Deere & Co, CNH and other farm equipment makers struggle with sluggish demand.
After peaking in 2022, farmer incomes have drastically declined in response to lower corn and grain prices, leaving little to no room for heavy equipment upgrades.
Source: NAFB News Service
