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Insight: Trade war backfire - Steel tariff shrapnel hits U.S. farmers

Reuters  |  KANE COUNTY, Ill. 

By Tom Polansek and P.J. HuffstutterKANE 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, ...

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First Published: Fri, April 13 2018. 11:02 IST