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Why It Matters

Tariff Turmoil, Part 1: How Tariffs Are Affecting Farmers

Why It Matters

Council on Foreign Relations

News

4.2876 Ratings

🗓️ 16 April 2025

⏱️ 29 minutes

🧾️ Download transcript

Summary

Tariffs are often discussed in big, abstract terms—trade wars, economic strategy, global power struggles. But for ginseng farmers in Wisconsin, their effects are painfully personal. In this episode, Why It Matters dives into how tariffs work and how they’re hitting one of America's most niche yet lucrative exports: Wisconsin-grown ginseng.   Featured Guests   Matthew P. Goodman, Distinguished Fellow and Director of the Greenberg Center for Geoeconomic Studies, CFR   Will Hsu, President of Hsu's Ginseng Enterprises Inc.   For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/wim/tariff-turmoil-part-1-how-tariffs-are-affecting-farmers

Transcript

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0:00.0

When you mention tariffs, it's kind of reliving a nightmare.

0:07.0

You are planting a crop that takes four to five years to reach maturity

0:13.0

and really outlives a presidential election cycle.

0:18.0

And so you have to make plans and forecast for the future, but today is

0:24.4

very uncertain. These tariffs, Section 232 tariffs, have, in essence, leveled the playing field.

0:31.4

And we've had a pretty significant resurgence in our market. And our plants still here we're thriving now

0:38.4

we're back up over a thousand people we're working we're expanding we're making

0:43.4

more products that's that's only because there's a potential you know

0:46.8

expectation for a market to be there in the future well here's the thing we've

0:51.5

never exported before we're in the of, we're two months out of

0:55.4

shipping our first shipment. So it's already a very new process for us. We are a small company.

1:01.4

Taking a big leap like exporting is a little bit scary in itself. Doing it in a year like this

1:07.2

when there is so much fluctuation, what is going to happen with the tariffs? How is it going to

1:12.8

impact me? It definitely makes things a lot more stressful and challenging, I think.

1:22.4

Any American in the business of importing or exporting is experiencing tariff overload right about now.

1:29.3

You basically need a scorecard to keep up with what tariff is hitting which country.

1:34.3

But what is crystal clear is that so far, tariffs are the Trump administration's tool of choice,

1:41.3

used widely and frequently, with the stated purpose of protecting American

1:46.4

businesses and markets.

1:48.3

But as we heard in our first and second episode of the season, it's hard to know what President

1:53.2

Trump will decide tomorrow.

1:55.1

This is feeding the uncertainty that has roiled global financial markets.

...

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