Haunted by tariffs and trade wars: A positive trade policy for US agriculture
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Peterson Institute for International Economics
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US farmers have been among the biggest beneficiaries of US free trade agreements and the postwar creation of a rules-based global trading system. Under recent administrations, however, farmers have been disadvantaged by the US shift away from forging such trade pacts. Agriculture has also been one of the sectors most affected by the volatility and uncertainty of the first and second Trump administrations’ high tariffs and trade wars. Both Trump administrations have compensated farmers for lost export revenue, but such a trade policy is not a sustainable long-term solution and cannot replace a more positive policy that improves trade rules and expands farmers’ market access abroad.
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tariffs, trade barriers, trade policies, agriculture, trade agreements, international trade