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The Effects of Tariffs on Agricultural and Rural Communities
Agriculture is facing the perfect storm - trade uncertainties, decade lows in farm income, agricultural labor shortages and the uncompleted 2018 Farm Bill. It is quickly becoming more than we can handle. The current tariffs, continuing back-and-forth retaliatory actions and trade uncertainties are hitting American agriculture from all sides and are causing us to lose our markets. All commodities are being impacted, but in Minnesota we are hearing the most from our members that are growing soybeans and raising pigs. Many decisions in farming are not made week by week. We have to make decisions a long time before our crops are planted, much less harvested. Unlike other industries, it is nearly impossible to quickly adjust to factors outside of our control. We can manage some of our risks through crop insurance and other risk management tools. The impact tariffs are having on prices and on our farms is what is keeping farmers up at night.