The dairy market has seen its ups and downs during the past few years as the Trump Administration has engaged in “trade disputes” with partners like Canada, Mexico and China.
Recently some of these disputes have cooled down after the U.S. agreed to lift steel and aluminum tariffs. As part of this agreement both Canada and Mexico have said they will remove retaliatory tariffs, some of which were put on dairy products.
Despite those trade wins, the U.S. is engaging in a further trade war with China as both countries are placing tariffs on one another. A number of dairy products are being impacted with China raising current tariffs from 10-15% on items like milk and cream, to 35-45% by June 1.
The Trump Administration plans to offer tariff aid to dairy producers. However, the aid plan will come up well short of the $2 billion in trade dairy producers have lost, says Beth Ford, the chief executive officer at Land O’Lakes Inc.
For more on these stories watch the AgDay video above.
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