This week China announced a proposed 25 percent tariff on imported U.S. soybeans following the U.S. administration’s release of a list of Chinese products valued at more than $50 billion that would be subject to import tariffs under the Section 301 determination.
Retaliation is no longer a ‘what if.’ And the escalation of a trade war with the largest customer of U.S. soybeans is harming an already downturned farm economy.
How important is U.S. soy and trade with China? Check out some of these fast facts:
- Soybeans are America’s leading agricultural export, with sales of $27 billion last year
- China is the top market for U.S. soybeans, accounting for $14 billion in sales, 61 percent of total exports and nearly 1/3 of total U.S. soy production in 2017
- 51 percent of the U.S. soy crop is exported annually
ASA’s messaging is clear: these tariffs will be detrimental to U.S. soy growers, and we encourage the administration to find a way to make soybeans part of a solution, not part of a trade war.
Join ASA on social media as we share the importance of trade with China utilizing the hashtag #TradeTuesday and #RethinkTheTariffs.