Farm Bureau President Duvall: Tariffs Threaten U.S. Farmers' Financial Stability

American Farm Bureau Federation President Zippy Duvall has expressed concerns about the upcoming tariff deadline set by the Trump administration, which will impose increased tariffs on imports from Canada, Mexico, and China starting March 4. Duvall emphasized the importance of security and fair trade but highlighted the potential negative impact of tariffs on farmers and rural communities.

“Farm Bureau supports the goals of security and ensuring fair trade, but farmers and rural communities often bear the brunt of tariffs and tariff retaliation. Mexico, Canada, and China are the three largest agricultural trading partners. Canada is also the leading supplier of potash, a key ingredient in fertilizer.

“We appreciate President Trump for delaying tariffs earlier this month to allow for more negotiations between the U.S. and its trading partners. It gave farmers and ranchers some certainty as they prepare for planting season.

“For a third straight year, farmers are losing money on almost every major crop planted. As the new deadline approaches, we ask the president to continue to look for ways to avoid imposing tariffs that will further drive up the cost of fertilizer and other supplies, and could reduce access to markets for the farm and ranch families dedicated to keeping America’s pantries stocked.”

Duvall's comments come as the U.S. agricultural sector is already grappling with low crop prices and high production costs. The potential impact of tariffs on fertilizer and other supplies could exacerbate the financial instability of U.S. farmers. According to the USDA, net farm income in 2024 is projected to be $108.3 billion, down 11.2 percent from 2023.

If Canada, Mexico, and China retaliate against the U.S. tariffs, U.S. farmers could face significant market access implications. This could lead to reduced exports, lower prices, increased production costs, and financial instability for many U.S. farmers. The ongoing trade tensions and potential tariff increases could further drive up the cost of fertilizer and other supplies, potentially reducing access to markets for the farm and ranch families dedicated to keeping America’s pantries stocked.

Duvall's comments underscore the need for policymakers to consider the impact of tariffs on the agricultural sector and the broader economy. As the new deadline approaches, farmers and ranchers hope that the Trump administration will continue to look for ways to avoid imposing tariffs that could further harm their financial stability.