Soy Growers to U.S. Department of Commerce: Consider Consequences of Restrictions on Steel, Aluminum Trade

Soy growers are urging the U.S. Department of Commerce to consider the consequences to the rest of the U.S. economy and avoid igniting a trade war through new restrictions on steel or aluminum trade.

In a letter to U.S. Department of Commerce Secretary Wilbur Ross, the American Soybean Association (ASA), along with several other agriculture organizations, expressed concerns regarding import restrictions under Section 232 of the Trade Expansion Act of 1962.

“If the Section 232 investigations on steel and aluminum result in new trade barriers, the aftermath could be disastrous for the global trading system and for U.S. agriculture in particular,” the groups state in the letter. “U.S. agriculture is highly dependent on exports, which means it is particularly vulnerable to retaliation. Many countries that export steel to the United States are also large importers of U.S. agriculture products. The potential for retaliation from these trading partners is very real. Short of explicit retaliation, these countries may also stall efforts to resolve current trade issues if they believe they have been unfairly targeted over legitimately traded products.”

Click here to read the entire letter.