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user picture Gina Tumbarello

What the World Would Look Like Without Agriculture Tariffs

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Did you know that China is the world’s largest producer of vitamins and amino acids, representing 86% of U.S. vitamin imports, with a three-year average value of $1 billion, according to Rabobank. According to Rabobank, U.S. imports of vitamins fell by an estimated 8% in 2019 compared to the previous year. As trade tensions with China in 2018 increased and the U.S. imposed tariffs on imports from China, the price of feed ingredients such as amino acids and vitamins from China increased roughly 21%.

One “simple” move, removing tariffs, could increase global trade by 11% and increase consumer well-being by $56.3 billion. Read more in this report from the Economic Research Service.

 

  • Policy

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Interesting facts around the potential to increase global trade and consumer well-being by removing  tariffs. I am curious if the outcome is that obvious, why the policy makers still use that tools. Purely political gain? or do selective use of tariffs have different end goals in minds? Who would benefit from this increased global tariffs? 

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