ILLINOIS (WAND) — Taxes on foreign imports are hitting the Illinois Ag industry, but especially local, family-owned farms. Experts are saying that the longer sweeping tariffs persist, the more local farmers will suffer.
Illinois State Treasurer Michael Frerichs explaining that farmers have to choose sustainability for their livelihood, and will have to cut costs.
"Due to Trump's erratic moves on tariffs, the hold off on expanding their operations. How can farmers and businesses feel safe making investments when they don't know what their costs are going to be due to Trump?" Frerichs explained.
Tariffs will not just have negative impacts on local farmers -- when farmers suffer, ripple effects will be felt in multiple industries.
If farmers have to cut costs and refrain from upgrading or replacing equipment, Illinois companies like John Deere band Caterpillar wont make sales. As sales at large manufacturing companies decrease, Illinois workers' jobs could be at risk.
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