"He doesn't know where he and others like him will sell their crop because China has stopped buying. Beijing, which traditionally has snapped up at least a quarter of all soybeans grown in the U.S., is in effect boycotting them in retaliation for the high tariffs President Donald Trump has imposed on Chinese goods and to strengthen its hand in negotiations over a new overall trade deal."
"It has left American soybean farmers fretting over not only this year's crop but the long-term viability of their businesses, built in part on China's once-insatiable appetite for U.S. beans. "This is a five-alarm fire for our industry," said Ragland, who leads the American Soybean Association trade group. The situation might even be enough to test farmers' loyalty to Trump, although he still enjoys strong support throughout rural America."
Chinese buyers have effectively stopped purchasing U.S. soybeans, leaving farmers uncertain where to sell this season's crop. China traditionally bought at least a quarter of U.S. soybeans, but retaliatory tariffs up to 34% make alternative suppliers cheaper. The drop in Chinese demand threatens both current revenues and long-term farm viability built around export markets. Farmers and industry leaders warn of severe impact and potential political repercussions for President Trump despite his rural support. U.S. and Chinese officials have held four trade-talk rounds without progress. Farmers hope for a government aid package as a temporary remedy while negotiations continue.
Read at Fortune
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