Newspaper Article Archive of
The Kalona News
Kalona, Iowa
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Newspaper Article Archive of
The Kalona News

June 28, 2018 Iowa could be hurt by global trade war
Article Pages -- as published on the The Kalona News website.

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ARTICLE DESCRIPTION:

Iowa farmers, businesses and our entire state economy could be deeply affected by the escalating global trade war.

Tariffs have been ordered on imported steel, aluminum and technology. Other countries are responding in kind, proposing tariffs on U.S. exports, including pork, corn and soybeans, which are critical to Iowa’s economy.

Trade conflicts have already cost Iowa $560 million. This could have been avoided. In April, I joined 20 other Iowa state senators in asking President Trump to consider the negative consequences on Iowa farmers, rural communities and all whose livelihood is threatened by a trade war.

According to the Tax Foundation, “The resulting net loss in economic activity is the price all of us will have to pay.”

For example, Sukup Manufacturing and its 600 Iowa employees in tiny Sheffield could be hit hard by tariffs on the million pounds of steel they use each week to make grain bins and dryers.

Tariffs on imported steel and aluminum also put Iowa at a trade disadvantage when our farmers “convert grain into cars, metals and almost any other type of good conceivable.”

Finally, new tariffs on cars could amount to a $73 billion tax increase, with the burden falling heavily on low-income families. Auto tariffs would wipe out many of the gains low-income Iowans were counting on from federal tax cuts – while barely impacting top income earners.

Shifting more of the tax burden to low-income workers is not the direction we want to go.

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