Trade war will dent US soy industry

10.07.2018

Leaders of the American soybean industry and mayors of communities whose economies depend on farming predict the Chinese tariffs will also affect farm equipment manufacturing, transport industries, banking, retailing and even tourism. The US exported 30% of its overall soybean production to China last year. “There are winners and losers in every trade war,” said the Iowa Soybean Association.

“The soybean industry is a loser if we become a residual, rather than primary supplier of soy to China.” John Heisdorffer, a grower from Iowa, and President of American Soybean Association, warned that the US’ competitive position in the world soybean market could be permanently damaged. “If we lose that, my son will spend the rest of his lifetime trying to get that back,” he said. “We just ask the administration to back away from using tariffs to achieve US trade policy goals. The scorched-earth approach is really going to cost us.”


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