In response to the announcement regarding U.S. tariffs on Chinese imports, the American Soybean Association (ASA), the U.S. Soybean Export Council (USSEC) and the United Soybean Board (USB) have released the following statements, reports The Highland County Press.
“Nobody is a winner today,” says ASA Vice President Davie Stephens, a Kentucky soybean grower.
“In the midst of a down farm economy and down farm prices, this uncertainty has led to a drop of market prices," Stephens continues. "Adding additional export market uncertainty through an expected 25% retaliatory tariff on U.S. soybeans into China ensures that soy growers and the rural communities that depend on them will see the effects of this for years to come. As the largest importer of U.S. soybeans, China is a vital and robust market we cannot afford to lose.”
USSEC Chair Derek Haigwood, a soybean farmer from Newport, AK, says U.S. farmers are great at producing soybeans and globally consumers are demanding soy products in record volume.
“USSEC is actively working to minimize the impact of this action on U.S. farmers and the U.S. soy industry by ensuring customers around the world understand the value that U.S. Soy provides," he says.
Finally, USB Chair Lewis Bainbridge, a soybean farmer from Ethan, SD, notes the focus on market diversification for U.S. soybeans to improve profit potential for all U.S. soybean farmers.
“In times like these," he says. "We need to keep current and potential soy users informed about the benefits of U.S. soy.”