Impacts of retaliatory tariffs on farm income and government programs
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Date
Authors
Westhoff, Patrick
Davids, Patricia (Tracey)
Min Soon, Byung
Journal Title
Journal ISSN
Volume Title
Publisher
Agricultural and Applied Economics Association
Abstract
Retaliatory tariffs imposed by trading partners have had major impacts on U.S. commodity markets. As detailed in other articles in this theme issue, these tariffs have reduced U.S. exports and resulted in lower domestic commodity prices. These changes have important implications for farmers, taxpayers, and others with a stake in U.S. agriculture.
We use estimates of the commodity market impacts of retaliatory tariffs to estimate implications for farm income, government farm program outlays, and other indicators. The results highlight the importance of considering effects that extend across markets, such as how a change in soybean exports and prices may affect producers of corn, chickens, and other commodities. They also provide a reminder that the current suite of farm policies includes a mix of countercyclical and procyclical programs.
Description
Keywords
Bilateral trade, Crop insurance, Farm commodity programs, Farm income, Tariffs, Retaliatory tariffs, Government programs
Sustainable Development Goals
Citation
Westhoff, P., Davids, T. & Soon, B.M. 2019, 'Impacts of retaliatory tariffs on farm income and government programs', Choices, vol. 34, no. 4, pp. 1-8.