By Andi Anderson
Ohio farmers are concerned about the economic impact of new tariffs imposed on Canada, Mexico, and China.
The tariffs, signed into action by the government, include a 25% tax on imports from Canada and Mexico and a 10% tax on Chinese goods. While intended to address trade and immigration issues, farmers fear significant financial consequences.
Historically, tariffs have affected agriculture. In 2018, similar policies led to major losses, prompting a $23 billion federal relief program for farmers. A study by Ohio State University estimated that prolonged tariffs could decrease farm net worth by 6% and annual net income by 59%.
Trade exports are a major concern for Ohio farmers. Ty Higgins, a spokesperson for the Ohio Farm Bureau Federation, emphasized that Canada, Mexico, and China are the largest markets for U.S. agricultural commodities. About 20% of farm income comes from exports, making retaliatory tariffs a serious threat.
Additionally, fertilizer costs could rise. Around 80% of potash, a key fertilizer ingredient, comes from Canada. Farmers who have not yet secured their supplies for the 2025 growing season could face shortages or price hikes, further straining their finances.
Higgins noted that farm incomes have already declined by 30% over the past two years. Uncertainty over trade policies, extreme weather conditions, and delays in the Farm Bill’s renewal make it harder for farmers to secure bank loans.
With multiple challenges ahead, Ohio farmers are calling for solutions to protect their livelihoods from the economic risks associated with these tariffs.
Photo Credit: gettyimages-shotbydave
Categories: Ohio, General