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Soybean leaders react to China’s planned tariffs
Tariff retaliation threats are heating up between the U.S. and China. Last night, the White House published a list of 1,300 imported goods from China that it plans to hit with new tariffs of 25-percent. China announced this morning it plans to impose a 25 percent tariff on 50 billion dollars of U.S. goods, including soybeans, corn durum wheat, and beef.
Ag leaders are reacting to the escalation of the trade issues between the U.S. and China. U.S. Grains Council CEO Tom Sleight tells Brownfield he was not surprised by China’s announcement. “We knew there was going to be an escalation of the tensions on both sides, and a lot of folks here felt that this was going to happen.”
And, Sleight is encouraged that both sides are still talking. “It’s important to remember these tariffs are not put in place right now. The governments are talking. We had one buyer in China say it’s actually a good sign the U.S. and China are fighting, it means we’re making progress, so if you want to go with that, go with that. The important thing is for growers is to pay attention and constantly remind their leaders, their representatives of the importance of international trade.”
American Soybean Association board member Brandon Wipf farms near Huron, South Dakota. He says if the tariff is put on, it would be devastating for U.S. growers. “Some of these things can have unintended consequences on middle America and on farmers. You know, farm income is down 50% since 2013. This is just really not the time to have a day where we’re down 30-40 cents in soybeans.”
Robert Karls with the Wisconsin Soybean Program tells Brownfield they doing what they can. “We’re working diligently with regard in representing soybean farmers, getting the word out and getting the word to Washington that this is not… (pause) this would be, and the word is devastating to the industry. (We’re) talking to our Senate and Congressional offices and we’re working on their behalf.”
Karls says the U.S. sold 14 billion dollars worth of soybeans to China last year, and 60% of the U.S. soybean crop is exported, so any disruption in trade would hurt U.S. farmers.
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