ASA: Trump’s $50 Billion Tariff announcement harsh reality for soybean growers

Weeks of speculation have ended with new anxiety for growers of America’s leading agricultural export: President Trump announced today he is indeed levying 25 percent tariffs on $50 billion of Chinese products under Section 301 of the Trade Act of 1974. This decision not only inflames trade tensions between the two countries, but also means U.S. soybean growers, who shipped roughly $14 billion in soybeans last year to China – their number one export market – stand to quickly feel the impact of retaliatory tariffs. The American Soybean Association (ASA), on behalf of all U.S. soy growers, is disappointed in the Administration’s decision, which follows weeks of imploring the President and his team to find non-tariff solutions to address Chinese intellectual property theft and not place American farmers in harm’s way. ASA has twice requested a meeting with President Trump to discuss how increasing soy exports to China can be a part of the solution to the U.S. trade deficit without resorting to devastating tariffs.