AFOA’s General Counsel provided us with an educational article, in conjunction with the National Institute of Oilseed Products (NIOP) as well as the National Oilseed Processors Association (NOPA), on anticipated effects of the incoming Federal Administration on tariffs and the impact on the fats and oils industry.
Tariffs were a major topic during the 2024 election. We anticipate the incoming Trump Administration will quickly act to implement additional tariffs, which may affect transactions in the fats & oils industry. This is the first of a 3-part series of FAQ documents discussing the basics of tariffs. Part 2 will address how the President, agencies, and Congress can establish or revise tariffs. Part 3 will discuss basic strategies to mitigate tariff liability.