Economists warn of potential economic repercussions from new tariffs on goods from China, Canada, and Mexico. John Boyd, Founder and President of the National Black Farmers Association, discusses the implications for the farming industry, emphasizing the risk of retaliatory trade wars and labor shortages.
The U.S. government is planning to impose tariffs on goods from China, Canada , and Mexico in a move some economists say could impact American industries and the economy. John Boyd, Founder and President of the National Black Farmers Association, joined The National News Desk to discuss the implications of these tariffs for the farming industry. Four years ago, China implemented tariffs on American soybeans, leading to a significant price drop.
Boyd expressed concerns that similar actions could occur again, with China potentially halting its purchase of U.S. soybeans and triggering a retaliatory trade war. 'I think it's going to be difficult because our tariffs, of course, China may just stop buying U.S. soybeans. And the last time that happened and the price dropped from $16 a bushel down to $7 and some change a bushel. It took some offset from Congress, to help alleviate some of that pain for America's farmers,' Boyd stated. He emphasized that if China seeks alternative soybean suppliers, American farmers will suffer due to lower prices. Boyd urged the Agriculture Department to prepare for potential assistance to American farmers in mitigating these losses, considering that this tariff policy was a deliberate decision by the administration.Boyd also raised concerns about the impact of tariffs on the availability of migrant laborers in the agricultural sector. He pointed out that many large-scale farmers rely on migrant workers to harvest essential crops like onions and tomatoes, ensuring timely grocery store restocking. Boyd stressed that if tariffs lead to labor shortages, a comprehensive plan must be in place to address the worker deficit. 'This may be an avenue where America is going to have to go back to work and start, putting farmers first and then getting involved and, and starting to take some of these jobs as labor by farmers. I struggle finding labor, even in my own farm,' Boyd said, highlighting the potential for American citizens to fill the labor gap.
Economics Politics TARIFFS CHINA CANADA MEXICO ECONOMY FARMING INDUSTRY AGRICULTURE TRADE WAR LABOR SHORTAGE
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