Trump's trade policies have left a void that's hurting American agriculture, boosting exports in rival nations
Congress is on its August break and President Trump's at a golf resort in New Jersey, but U.S. businesses are still grappling with the topsy-turvy first 200 days of Trump's presidency, yearning for a little predictability. "Corporate uncertainty about whether the Trump administration will be able to deliver on numerous promises — including tax cuts, health care, a China crackdown, and infrastructure — has forced many companies to put important hiring and investment decisions on hold," The Washington Post reports. But Trump's trade policies are causing perhaps the most unease.
Trump's stalled plan to impose tariffs on steel imports has the U.S. steel industry on tenterhooks, homebuilders are reeling from a spike in lumber prices they attribute to Trump's soft-lumber dispute with Canada, and American agricultural industry is upset that Trump pulled the U.S. out of the 12-member Trans-Pacific Partnership trade pact. "TPP was fantastic," Kent Bacus at the National Cattlemen's Beef Association tells The New York Times. "When you walk away from it without a meaningful alternative, that causes a lot of alarm in the beef industry." In Japan, for example, U.S. beef now faces 50 percent tariffs, versus 9 percent under TPP.
In a lenghty report in Politico, trade reporter Adam Behsudi looks at how Trump's withdrawal from TPP is roiling American agriculture, focusing on pork production in Wright County, Iowa. "For much of industrial America, the TPP was a suspect deal," he writes, but for the struggling agriculture sector, the trade pact among 12 nations representing 40 percent of the world's economy "was a lifeline." Ominously, he adds, "Trump's decision to withdraw from the pact also cleared the way for rival exporters," and they have wasted no time filling the void.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"A Politico analysis found that the 11 other TPP countries are now involved in a whopping 27 separate trade negotiations with each other, other major trading powers in the region like China, and massive blocs like the EU," Behsudi says, and the remaining TPP countries have made clear they plan to move ahead without Trump's America. Many of the most-affected agriculture counties voted for Trump, expecting him to have their back as they built up for the expected trade boom that won't come now. Trump favors bilateral trade deals, viewing them as more favorable to the U.S., but his international trade team is still be put together and formulating a trade policy. You can read more about Trump's trade moves and agriculture at Politico.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
'Make legal immigration a more plausible option'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
LA-to-Las Vegas high-speed rail line breaks ground
Speed Read The railway will be ready as soon as 2028
By Peter Weber, The Week US Published
-
Israel's military intelligence chief resigns
Speed Read Maj. Gen. Aharon Haliva is the first leader to quit for failing to prevent the Hamas attack in October
By Justin Klawans, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published