ASA Underscores Importance of U.S. Trade with China

May 30, 2018

The American Soybean Association (ASA) reiterated its significant concern with the Administration’s decision yesterday to move forward and apply a 25 percent tariff on nearly $50 billion in goods imported from China.

The looming threat of tariffs creates uncertainty in the marketplace and for soy growers, whose livelihoods rely on the ability to export their crops and products to China.

“This is real money to a soybean farmer trying to determine when to sell their crop,” said ASA President and Iowa farmer John Heisdorffer. “Farm income is projected to be the lowest in more than five years and farmers cannot afford to have the bottom fall out now.”

ASA continues to ask the Administration to work with soybean farmers to find ways to reduce our trade deficit by increasing competitiveness rather than erecting barriers to foreign markets, and is confident in this week’s negotiations.

“We are very pleased to have USDA send some of their best negotiators in agriculture to this week’s meeting with officials in China,” Heisdorffer added. “Soybeans lead the way for agricultural trade with China, accounting for nearly $14 billion in exports to China annually. As we have called for months, we believe soybeans can be part of the solution and we’re hopeful to be a part of the conversation this week.”