The Trump administration has announced that is plans to move forward with a 25% tariff on about 50 billion dollars worth of Chinese products.
The Iowa Soybean Association President, Bill Shipley is highly critical of the move. Shipley says, “The use of food as a weapon in trade disputes is of grave concern to Iowa and U.S. farmers. It threatens the security and stability of the people and economies of China and the United States, including millions of U.S. farm families.”
The association says that soybean prices have fallen as much as a dollar already, they expect prices to drop even further once the tariff is imposed and the Chinese limit the purchase of soybeans. According to the association, prices will soon drop below the break-even level for many producers and this will cause economic hardships on a large number of Iowa Farm Families.
The Soybean Association says it is already working to try to off-set the loss by looking at other markets to sell Iowa soybeans in.
