U.S. and China Stumbling Into Trade War

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As expected based off recent events, the U.S. and China are headed for a trade war at the cost of U.S. farmers. China has included soybeans in its latest proposed retaliatory tariffs, following other ag products such as pork and ethanol. Those all stem from the Trump administration’s tariffs on steel and aluminum imports to the United States, and others proposed this week. The American Soybean Association expressed “extreme frustration” regarding the escalation of a trade war as China is proposing a 25 percent tariff on U.S. soybeans. ASA called on President Trump to withdraw the tariffs that caused the retaliation and engage with China in a “constructive manner.” American Farm Bureau Federation President Zippy Duvall says the tariffs are “testing both the patience and optimism of families who are facing the worst agricultural economy in 16 years,” adding “this has to stop.” China purchases 61 percent of total U.S. soybean exports, and more than 30 percent of overall U.S. soybean production.

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