Latest news with #RobLarew
New York Times
18-07-2025
- Business
- New York Times
Tariffs on Russia Could Hurt Wary U.S. Farmers
American farmers are bracing for another blow should President Trump proceed with his plan to impose steep tariffs on goods imported from Russia, raising the price of a key ingredient in crop production. The United States imported $1.3 billion worth of fertilizer — mostly in the form of urea and urea ammonium nitrate — from Russia last year and is on a pace to bring in even more this year. Farmers of row crops like corn and soybeans, the biggest users of fertilizer, are already dealing with low sales prices and cannot afford rising input costs or a slowdown in supply. Mr. Trump threatened this week to levy a 100 percent tariff against Russia, as well as high tariffs against countries that do business with Russia, if there isn't a cease-fire in the war in Ukraine within 50 days. It was not clear whether fertilizer would be exempted or not, or whether Russia would face tariffs, additional sanctions or a combination of the two. 'We already know these companies that are either importing fertilizer or otherwise in the stream, they are building in the potential for disaster into the cost already,' Rob Larew, the president of the National Farmers Union, said in an interview. He said he worried that rising costs would force farmers to give up farming and sell their land. Most farmers use fertilizers that contain one of three main elements: phosphorus, potassium and nitrogen. Russia exports of urea and urea ammonium nitrate supply nitrogen, while potash is a source of potassium. Urea ammonium nitrate imports are under the most threat, said Allan Pickett, the head of fertilizer analysis at S&P Capital's agribusiness unit, since the United States imports 46 percent of that type of compound from Russia. Want all of The Times? Subscribe.
Yahoo
18-04-2025
- Business
- Yahoo
Which American Jobs Are Most Likely To Be Affected As China Responds To Trump's Tariffs?
An escalating trade war with China, where one of the U.S.'s top trading partners placed a 125% tariff on American goods, will likely make it more expensive for American companies to export products to China. American companies will likely slow hiring, and Trump's tariffs are expected to reduce manufacturing employment by 500,000. The trade war will most likely impact farmers and agriculture companies, as the majority of the $150 billion in goods the U.S. exports to China, is made up of agricultural to China support thousands of U.S. jobs, and economists say those positions could be at risk if trade tensions between the two countries continue. In an escalating trade war with China, the U.S. has a tariff of 145% on Chinese goods, and China has placed a tariff of 125% on U.S. goods. Economists say these trade tensions will likely make it more expensive for American businesses to import and export Chinese goods and could threaten the labor market. According to a report by the U.S.-China Business Council, in 2022, an estimated 931,231 American jobs were supported by exports to China. However, hiring and jobs in sectors most exposed to Chinese trade could be in danger if the two countries cannot reach a long-term trade deal and elevated tariffs persist. A trade war could negatively impact American workers in sectors that rely on exports to China Oilseeds and Grains 178,736 Education 117,161 Meat Products 32,396 Aerospace Products and Parts 28,963 Semiconductors and Components 28,791 Miscellaneous Crops 28,391 Pharmaceuticals and Medicines 26,081 Industrial Machinery 24,373 Navigational and Measuring Instruments 22,961 Motor Vehicles 21,873 Oil and Gas 21,187 Medical Equipment and Supplies 20,929 Miscellaneous Personal and Recreational 18,636 Royalties from Industrial Processes 16,286 Miscellaneous Business, Professional & Technology Services 14,974 Pulp and Paperboard Mill Products 13,274 Miscellaneous General Purpose Machinery 12,678 Petroleum and Coal Products 12,011 Personal Travel and Tourism 11,470 Basic Chemicals 11,404 Tariffs have not hit the labor market yet; in March, few private-sector companies reported large-scale layoffs. However, as Trump's back-and-forth tariffs continue to create uncertainty, Goldman Sachs economists say hiring will likely be the first economic element to feel the effects. More than one-fourth of the jobs that could be affected by Chinese tariffs on U.S. goods rely on agricultural trade with China. Farmers are worried they won't be able to afford to sell to their previous trading partners. That could potentially, in turn, affect how they hire and fire workers. "Farmers Union has always fought for fair trading relationships with other countries," said Rob Larew, president of the National Farmers Union, in a statement on April 2. "We rely on stable markets and fair competition to thrive, but the administration's actions today create instability at the expense of our family farmers." The Trump administration has discussed some emergency aid to farmers, as it did during its trade war with China in 2018, according to the New York Times. However, no aid has been put in place yet. Read the original article on Investopedia Sign in to access your portfolio
