13:35, 08-Apr-2018
China-US Tariffs: US soybean group calls tariffs 'devastating'
[]
Share
Copied
In response, China - the world's largest soybean importer - announced tariffs on American soybeans, raising alarms with farmers.
The American Soybean Association, a lobbying group that represents 21,000 producers, says Chinas proposal would devastate US farmers. China buys more American soybeans than anyone else - more than 60% of exports each year.
Accounting for a third of all US soybean production. It's worth 124 billion US dollars. The tariff could see those exports tumble 70%, making American soybeans less competitive in the international market. The US already faces competition from South America. The largest soybean producers in the US are Illinois, Iowa, and Minnesota.