KANE COUNTY, Ill. (Reuters) – Lucas Strom, who runs a century-old family farm in rural Illinois, canceled an order to buy a new $71,000 grain storage bin last month – after the seller raised the price 5 percent in a day.
The reason: steel prices jumped right after U.S. President Donald Trump announced tariffs.
Throughout U.S. farm country, where Trump has enjoyed strong support, tariffs on steel and aluminum imports are boosting costs for equipment and infrastructure and causing some farmers and agricultural firms to scrap purchases and expansion plans, according to Reuters’ interviews with farmers, manufacturers, construction firms and food shippers.
Read more at Reuters
