Escalating US-China Trade Dispute Heightens Global Concerns
China's Proposed Tariff on Soybeans Would be Devastating to U.S. Farmers.
WASHINGTON (AP) – The American Soybean Association, a lobbying group that says it represents 21,000 U.S. soybean producers, says China’s proposed 25-percent tariff on soybeans would be “devastating” to U.S. farmers.
China is the largest consumer of U.S. soybeans, buying about one-third of all U.S. soybean production each year, the group says.
Association President John Heisdorffer, an Iowa farmer, is calling on the Trump administration to withdraw its proposed tariffs and meet with soybean farmers to discuss ways to improve competitiveness without resorting to tariffs.
The association says soybean farmers lost an estimated $1.72 billion on Wednesday morning alone as soybean futures tumbled.
“That’s real money lost for farmers, and it is entirely preventable,” Heisdorffer says in a statement.