Why It Matters Tariff Turmoil, Part 1: How Tariffs Are Affecting Farmers
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Apr 16, 2025 Will Hsu, President of Hsu's Ginseng Enterprises Inc., shares the personal toll tariffs are taking on his ginseng farm in Wisconsin. He highlights how volatile trade policies impact local farmers and the cultural significance of ginseng cultivation. Matthew P. Goodman, a distinguished trade expert, provides insights into the broader implications of tariffs on U.S. industries and national security. Together, they explore the complex challenges facing American agriculture in a changing trade landscape.
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Understanding Tariffs Basics
- Tariffs are taxes on imported goods paid initially by importers and usually passed down to consumers.
- They can protect industries, address unfair trade practices, and sometimes raise government revenue.
Tariffs Beyond Trade Issues
- Tariffs can be used for reasons beyond trade like protecting national security or addressing issues such as fentanyl trafficking.
- Using tariffs under broad laws for non-trade issues is unprecedented and currently faces legal challenges.
Will Hsu's Ginseng Farming Story
- Will Hsu grew up on his family ginseng farm in Wisconsin, taking part in all stages of farm work until he helped out full time following his father's illness.
- Ginseng farming knowledge is highly specialized and passed down through generations, making the industry unique and niche.