Collins, MS (WDAM) - One farmer in Collins says something has changed when it comes to his goods and the money in his pockets.
"The price is a little bit cheaper than it was last year, a little bit lower,” said Don Mitchell, the owner of the Mitchell farm.
It’s called a tariff. It’s basically a tax on an imported good. It prevents consumers from buying goods from overseas.
“They attribute a certain percentage of that to the tariffs and a certain percentage of it is just that we have a great crop of it nationwide,” said Mitchell.
On the Mitchell farm, there are approximately 1,400 acres. The farms grows soybeans, corn, pumpkins, peanuts and more. The farm was founded in 1960 and is a family-owned business passed down through generations.
Mitchell said the new tariffs that President Donald Trump has placed has affected the price for soybeans by $2. Mitchell said that if the tariff wasn’t effective and in place, the farm would be receiving $2 more than they are making per bushel.
Chinese consumers invest in items such as pork and soybeans, and Mitchell said those goods are grown on his farm.
“We just started our harvest season, so we haven’t had a lot of product to sell at this point,” said Mitchell. “But so far, the price is around $2 less than it was last year, and they are attributing that to the tariffs that we’ve got on China, because China was a major buyer of our soy beans.”
For you at home, this means that the prices of goods may change.