Why It Matters
Tariff Turmoil, Part 1: How Tariffs Are Affecting Farmers
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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Quick takeaways
- Tariffs function as taxes that protect U.S. interests but create uncertainty for small agricultural businesses like Wisconsin ginseng farmers.
- Retaliatory tariffs from China have drastically reduced production and market access for ginseng, threatening rural economies and agricultural viability.
Deep dives
Impact of Tariffs on Small Businesses
The implementation of Section 232 tariffs has created significant uncertainty for small businesses, particularly those involved in agriculture and manufacturing. A local business owner shared that their company, which has never exported before, is preparing to ship their first order amidst volatile market conditions. Despite a recent resurgence in their market and an increase in staffing, the constant fluctuations in tariffs make long-term planning challenging. For many small business owners, like this one, the unpredictability of tariffs complicates their ability to strategize for growth and stability in the future.
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