US Lowers Tariffs on Farm, Industrial Equipment as Costs Soar

The White House announced it will reduce tariffs on imported farm and construction equipment such as harvesters and forklifts, an effort to boost the industrial economy and provide relief for American farmers.

Under a proclamation issued late Monday, those duties would drop to 15% from 25%. Foreign companies could qualify for a lower 10% levy rate if capital equipment contains at least 85% US steel or aluminum, according to a White House fact sheet. President Donald Trump cited rising costs as a justification for the move.

The changes take effect June 8 and would run through the end of 2027. ...