Purdue Economists Suggest Multi-Billion Losses From Tariffs

(WASHINGTON, DC) UPI reports that U.S. tariffs on steel and aluminum will cost the nation nearly $2 billion in agricultural exports annually even if a new trade deal with Mexico and Canada is ratified, according to a study. Purdue economists said the trade deal – the U.S. Mexico Canada Agreement (or USMCA) – would increase food exports to those countries by about $454 million annually. But if the U.S. tariffs on steel and aluminum and the associated retaliatory tariffs on American agricultural products remain in place, exports to those countries will decrease by $1.8 billion. The Trump administration levied a 25 percent tariff on steel and a ten percent tariff on aluminum from Canada and Mexico last June and both countries responded with tariffs on U.S. products, including pork and corn. The USMCA was signed by leaders of the three nations November 30th but must be ratified by Congress before taking effect.
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