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The Indicator from Planet Money
Why Trump's potential tariffs are making business owners anxious
Jan 23, 2025
President Trump's proposed tariffs on imports from China, Canada, and Mexico are stirring unease among U.S. business owners. The uncertainty surrounding these tariffs can significantly affect economic stability. We hear firsthand from owners impacted by past trade wars, revealing how unpredictable trade policies disrupt operations. A corn and soybean farmer shares the challenges posed by international competition, highlighting the far-reaching consequences of tariffs on local businesses and markets.
07:39
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Quick takeaways
- The looming tariffs on imports can lead to significant financial burdens for businesses and complicate pricing strategies amid prevailing uncertainty.
- American farmers previously impacted by tariffs prefer market-based income over government bailouts, emphasizing their vulnerability to international trade dynamics.
Deep dives
Impact of Tariffs on U.S. Farmers
The potential implementation of tariffs by the U.S. government can have significant repercussions for American farmers, particularly those reliant on exports. For instance, during the previous trade war, U.S. soybeans became a target of Chinese tariffs, resulting in Chinese buyers shifting their imports to competitors like Brazil. This shift led to a dramatic drop in soybean prices, severely impacting farmers' profitability and forcing them to adapt by altering their crop choices. Although some financial compensation was received from the federal government, many farmers express a preference for income generated through market sales rather than government bailouts.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode