PALM BEACH COUNTY, Fla. — President Donald Trump has designated the April 2 as "Liberation Day," unveiling a new rollout of tariffs on foreign imports.
It's a move WPTV is keeping a close eye on as the tariffs are set to impact several key industries, particularly agriculture, which may face significant financial challenges as the country adjusts to these changes.
WATCH: Economist says tariffs are 'going to tip small farmers over the edge'
At Roth Farms in Belle Glade, Florida, owner Rick Roth expressed that while these tariffs may bring immediate financial challenges, they could ultimately support American farmers in the long run. “There’s always going to be pluses and minuses, and it’s our job as business people to see how we can adjust,” Roth stated as he prepares for potential increases in costs.
The tariffs are expected to raise the prices of essential agricultural inputs, such as fertilizers and steel, both of which are critical for farming operations.
Chief economist Gbenga Ajilore of the Center on Budget and Policy Priorities explains that many smaller farmers are already operating on thin margins.
“This is going to tip them over the edge to having to close,” he said, highlighting the delicate state of Florida’s agricultural sector, which is still recovering from recent storms.
National Politics
Trump announces new tariff policy on 'Liberation Day'
According to Ajilore, Florida's agriculture, particularly the citrus industry, is likely to experience price spikes.
He warns that the combination of rising costs for imported steel and fertilizer will put additional strain on farmers.
“Some of them are going to try and eat the cost to the best of their ability; others are not going to be able to absorb it and will have to pass it on to the consumer,” he noted.
Roth said his goal is to produce more while finding ways to save money, highlighted that tractors, semi-trucks, and other equipment are among his largest expenses.
He said the Everglades agricultural area produces $2 billion worth of sugar and half a billion dollars worth of vegetables.
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He is bracing for the financial impact of these tariffs as costs for crucial machinery and inputs rise.
If the input costs for fertilizer increase, he anticipates having to negotiate higher prices for lettuce contracts in the coming year.
“The most important thing is, what do we want for America? We want a healthy economy," Roth emphasized, as he navigates this uncertain landscape.
Despite the challenges posed by the new tariffs, Roth remains cautiously optimistic, noting that the harvesting season is nearing its end, and his budget is already set for the year.
For now, he plans to adopt a “wait and see” approach as the tariffs unfold.
As this situation develops, consumers may see changes in grocery prices as farmers and producers adjust to the new economic realities.
