Soybean producers press Trump to ease tensions

Wednesday, 04. April 2018 17:50

The American Soybean Association said on Wednesday that the latest retaliation by China against import tariffs introduced by United States President Donald Trump would "have a devastating effect" on those farming the legume. The industry group expressed "its extreme frustration about the escalation of a trade war" with the largest foreign partner in the sector, the buyer of 61% of domestic exports and nearly a third of production.

China's proposed rate for soybeans is 25%. ASA chief John Heisdorfer said the organization had warned the government and lawmakers such reaction can be expected, and that more than $1.7 billion has been lost only today in the commodity market as prices plunged. "We still have not heard a response from the administration to our March 12 letter requesting to meet with President [Donald] Trump and discuss how the administration can work with soybean farmers and others in agriculture to find ways to reduce our trade deficit by increasing competitiveness rather than erecting barriers to foreign markets," he added.

The US Soybean Export Council warned of the danger for local farmers but also for China's factories, animal producers and consumers.

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Baha Breaking the News (BBN) / IT