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Potential tariff hike could impact farm inputs, economist says

The Trump administration has indicated it could soon raise its global tariff from 10% to 15%.

Ag economist Jim McCormick with Ag Market.Net says U.S. farmers and ranchers could feel some impacts.

“The reality is you bring a lot of steel in the manufacturing of the parts and the machinery we use. That potentially could be passed onto you.”

He tells Brownfield it could also cause another bump in fertilizer prices.

“We know fertilizer has spiked immensely due to the (Iran) war. Would that add an extra 15% premium on top of it potentially? Yes, unless he gives waivers.”

McCormick says Treasury Secretary Scott Bessent has stated that the 5% global tariff increase is expected in the coming days.