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Ag economist says new tariffs will make it harder to get quick trade resolution

An ag economist with Purdue University says the new tariffs on Chinese goods will make it harder to get the quick resolution that many ag groups were hoping for.

Wally Tyner says the U.S. has seen the damage that tariffs can cause in the past.

“We have seen this is the Morrill tariff in the 1800s and it takes quite a bit of time to negotiate them all back down again and the damage that’s done in the meantime can be quite  significant,” he says.

He tells Brownfield the tariffs implemented on July 6 have already taken a toll on soybean prices. And he says there could be a long-term shift of production from the U.S. to Brazil if they stay in place for several years.

“And once it shifts, it’s hard to get it back,” he says.

Tyner says both China and the U.S. stand to lose $2.6 billion each year because of the trade dispute.

Audio: Wally Tyner, Purdue University