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EU and US deal relieves ag export duties

The U.S. and European Union have resolved a steel and aluminum tariff dispute which was overhanging U.S. ag exports.

The EU will lift retaliatory tariffs imposed on U.S. corn, pork, dairy products, rice, and other commodities in exchange for the U.S. proving tariff-free access to steel and aluminum.

Kip Eideberg with the Association of Equipment Manufacturers tells Brownfield the new agreement will help address steel shortages and soaring prices that have hurt equipment manufacturers.

“They are replaced with quotas, which we would have preferred not to see any restrictions on the importation of steel and aluminum but it’s better than the tariffs,” he says.

A recent study by their organization found the cost of making ag equipment has increased at least five percent as a direct result of the tariffs and Eideberg expects prices will become more cost-competitive moving forward.

American Farm Bureau Federation President Zippy Duvall says it’s crucial to restore trade relationships as America’s farmers need the stability and predictability of strong trade agreements to grow exports and provide healthy, affordable food internationally.