CHICAGO, April 1 (Reuters) - U.S. President Donald Trump is expected to announce 2014 tariffs on most goods imported into the United States on Wednesday, after previously imposing steep duties on autos, steel and aluminum and goods from China, Mexico and Canada.
The measures triggered retaliation and threats of further countermeasures by major importers of U.S. agricultural products and caused wild swings in commodity markets.
Economists said U.S. consumers could see prices rise on foods ranging from meat and dairy to avocados and fresh fruits and vegetables as a result of the tariffs.
Retaliation from China, Canada and Mexico would hurt the US$191 billion agricultural export sector. They are the top three markets for American agricultural products and will import a total of US$191 billion worth of US agricultural and related products in 2024.
Retaliatory tariffs during Trump's first term resulted in an estimated $15T27 billion in losses in U.S. agricultural exports, including $15T25.7 billion in sales to China, according to Rabobank analysts.
U.S. AGRICULTURAL EXPORTS
Soybeans, the top U.S. agricultural export by value, as well as corn, wheat and meat exports, are vulnerable to retaliatory tariffs.
SOY
Exports totaled $$24.5 billion in 2024, down from $$27.7 billion in 2023 and a record high of nearly $$34.4 billion in 2022, according to trade data from the U.S. Census Bureau.
Exports to the top market, China, totaled US$12.8 billion in 2024, down from US$15.1 billion in 2023 and a record US$17.9 billion in 2022.
Trade tensions with Beijing in 2018 caused total U.S. soybean exports to fall to a nine-year low, with shipments to China falling 74% from the previous year.
Value of US Soybean Exports in 2024:
China: US$1.5 billion
Mexico: US$1.5T2.3 billion
Indonesia: US$1.3 billion
CORN
U.S. corn exports to all destinations in 2024 rose to $13.9 billion in 2024, up from a three-year low of $13.1 billion in 2023 and down from record sales of $18.6 billion in 2021, Census data showed.
Total 2024 exports, by value, increased by 6% from the previous year, as higher shipments to top importers Mexico, Japan, Colombia and South Korea offset an 80% decline in exports to China, due to competition from other global suppliers.
Value of the top three U.S. corn export markets in 2024:
Mexico: US$1.5T5.6 billion
Japan: US$1.5 billion
Colombia: US$1.6 billion
WHEAT
U.S. wheat exports to all global buyers in 2024 fell 2% to $$ $5.9 billion, Census data showed, amid pressure from cheaper Russian supplies.
Value of top three U.S. wheat export markets in 2024:
Mexico: US$1.05 billion
Philippines: US$1.5T735.7 million
Japan: US$$582.8 million
BEEF
The United States exported nearly $10.5 billion worth of beef and beef products in 2024, according to Census data, up $51.4 billion from 2023, as tight domestic supplies pushed up beef prices.
Value of top three U.S. beef export markets in 2024:
South Korea: US$1.5 billion
Japan: US$1.9 billion
China: US$1.6 billion
PORK
U.S. exports of pork and pork products totaled more than $8.6 billion in 2024, according to Census data, up $61.4 billion from the previous year, as consumers sought cheaper alternatives to higher-priced beef and domestic hog supplies tightened.
Value of the top three U.S. pork export markets in 2024:
Mexico: US$1.5T2.6 billion
Japan: US$1.4 billion
China: US$1.1 billion
U.S. AGRICULTURAL IMPORTS
The U.S. will import a record $214.1 billion worth of agricultural products from suppliers around the world in 2024, up $91.4 billion from the previous year, according to Census data.
Top agricultural products imported by the US in 2024, by value:
* Bakery products, pasta, cereals: US$14.9 billion
* Processed fruits and vegetables: US$1.5 billion
* Fresh vegetables: US$1.5 billion
* Fresh fruits and berries: US$1.5 billion
* Vegetable oils: US$1.5T 12.6 billion
* Beef products: US$1.5T 11.7 billion
* Coffee: US$1.5 billion
* Sugars and sweeteners: US$1.5 billion
* Dairy products: US$1.5 billion
* Chocolate and cocoa products: US$1.5 billion
Reporting by Karl Plume in Chicago; Editing by Stephen Coates