Soybean Farmers Asking for Urgent China Negotiations
The president of the American Soybean Association told President Donald Trump that soybean farmers "cannot survive a prolonged trade dispute with our largest customer," urging him to have his trade team persuade China to drop its 20% tariff on American soybeans.
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"We appreciate your recent Truth Social post acknowledging the robust crop produced by U.S. soybean farmers and urging China to quadruple soybean imports from the United States," Caleb Ragland wrote in an Aug. 19 letter. "Unfortunately for our soybean growers, China has contracted with Brazil to meet future months’ needs to avoid purchasing any soybeans from the United States. U.S. soybeans currently face a duty 20% higher than soybeans from South America due to Chinese retaliatory tariffs."
He said past Chinese customers are turning to Brazil and other South American countries. "The further into the autumn we get without reaching an agreement with China on soybeans, the worse the impacts will be on U.S. soybean farmers. Soybean farmers are under extreme financial stress. Prices continue to drop and at the same time our farmers are paying significantly more for inputs and equipment."
The letter came the same day that Treasury Secretary Scott Bessent told Fox News that the U.S. is comfortable maintaining the 30% additional tariffs that led to the 20% retaliatory tariffs Ragland mentioned.