The already battered spirits industry will see its supply squeezed if tariffs raise import costs and other countries’ retaliation closes off export markets.
China is the third-biggest buyer of U.S. agricultural products. Now that it has punched back with tariffs on American goods, farmers can expect to feel the pain.
President Trump’s approach to tariffs has unsettled many corporate leaders who believed he would use the levies as a negotiating tool. As it turns out, he sees them as an end in themselves.
Trade wars during President Trump’s first term slashed billions of dollars in U.S. agricultural exports. Farmers and trade groups expect an even bigger hit this time.