Reports emerging from the European Union indicate that the 28-member body of countries has added U.S. corn to the list of goods upon which it will settle retaliatory tariffs in answer to President Trump’s recently announced tariffs against steel and aluminum. The planned 25 percent tariff must be announced to the World Trade Organization. The EU has already moved away from U.S. corn this year, with corn imports from Brazil and Ukraine soaring in year over year estimations.
You can read more about the corn specific tariffs announced today by the EU here.
Illinois Corn Growers Association has long been a supporter of free trade. Barriers to trade that result in reduced corn exports are typically unacceptable to our industry, as corn prices remain near the cost of production in most areas of the country. Reducing export opportunities for corn has a negative impact on corn demand, and therefore pushes farm-level prices downward.
Trade Matters to IL Corn farmers. Learn more about this issue by downloading our Trade Matters publication here.