Jul 26, 2018
President Donald Trump announced on Tuesday that the U.S. Department of Agriculture (USDA) would roll out a relief plan this fall for farmers hit hard by trade tariffs imposed in recent months.
What’s the plan? The plan outlined by the Administration includes three components: Direct payments to farmers to mitigate lower prices resulting from retaliatory tariffs, direct commodity purchases by USDA, and funding for a temporary program similar in purpose to the current Market Access Program (MAP) and Foreign Market Development (FMD) programs. The cost of the package is expected to total around $12 billion spread across multiple commodities, including soybeans.
What does ASA say? While soybean growers appreciate the Administration’s recognition that tariffs have caused reduced exports and lower prices, the announced plan provides only short-term assistance. The American Soybean Association (ASA) continues to call for a longer-term strategy to alleviate mounting soybean surpluses and continued low prices, including a plan to remove the harmful tariffs. Read more here.
What else are soy leaders doing?
Earlier this week, ASA joined a multi-industry letter to the U.S. Trade Representative (USTR), highlighting concerns over the impacts of Section 301 tariffs. Soy leaders across the country were also featured in numerous local and national news stories this week, discussing the need for free trade and open markets.