Soybean Tariff and Trade Update
Soybeans are the top agriculture export for the United States, and China is the top market for purchasing those exports. As you’ve seen in the news, a trade conflict between the U.S. and China will lead to serious consequences for economic growth, including the loss of sales and jobs here at home. We’ve already seen significant slowdown in producer sales of soybeans, as the more than 300,000 U.S. soybean farmers hold back their stocks due to the decrease in soybean futures and cash prices which are down significantly from this time last year. The economic turmoil and uncertainties resulting from tariffs are harming U.S. farmers, as trade concerns have played a major role in this price drop. In our view, tariffs hurt trade and damage the U.S.’s ability to compete in the global economy. We must maintain market access for American goods and services through a rules-based trading system. We urge both countries to reach a negotiated solution, such as a responsible trade agreement, so everyone can compete on an even playing field. To learn more about trade, its benefits and to share your story, visit FedByTrade.