- Joined
- Mar 7, 2018
- Messages
- 62,435
- Reaction score
- 19,268
- Location
- Lower Mainland of BC
- Gender
- Male
- Political Leaning
- Centrist
From United Press International
EVANSVILLE, Ind., July 3 (UPI) -- Farmers across the Midwestern United States expect to lose billions of dollars this year if the trade war between the United States and China continues to escalate.
China has threatened $50 billion in tariffs on American exports -- including soybeans and other agricultural products -- beginning Friday. The move is retaliation for tariffs the United States imposed on China to combat "unfair practices related to the acquisition of American intellectual property and technology," President Donald Trump said. Rather than spur China to alter its trade policies, China punched back, putting the two governments in a standoff.
Midwestern farmers are in the crossfire.
"There are issues related to our trade dealings with China," said Grant Kimberley, the director of market development for the Iowa Soybean Association. "Trump's not wrong. But the stakes are pretty high here. We don't want to be the pawn."
The stakes are high because China buys roughly 30 percent of all America's soy. The proposed 25 percent tariff -- which is a tax buyers pay the government to purchase the commodity -- ensures Chinese buyers will look elsewhere.
COMMENT:-
What's the problem?
Why don't Americans just eat more soybeans?
Isn't American industry capable of finding some way of using soybeans to make beer cans so that America isn't reliant on foreign Aluminum?
Midwestern farmers brace to lose billions in trade war
EVANSVILLE, Ind., July 3 (UPI) -- Farmers across the Midwestern United States expect to lose billions of dollars this year if the trade war between the United States and China continues to escalate.
China has threatened $50 billion in tariffs on American exports -- including soybeans and other agricultural products -- beginning Friday. The move is retaliation for tariffs the United States imposed on China to combat "unfair practices related to the acquisition of American intellectual property and technology," President Donald Trump said. Rather than spur China to alter its trade policies, China punched back, putting the two governments in a standoff.
Midwestern farmers are in the crossfire.
"There are issues related to our trade dealings with China," said Grant Kimberley, the director of market development for the Iowa Soybean Association. "Trump's not wrong. But the stakes are pretty high here. We don't want to be the pawn."
The stakes are high because China buys roughly 30 percent of all America's soy. The proposed 25 percent tariff -- which is a tax buyers pay the government to purchase the commodity -- ensures Chinese buyers will look elsewhere.
COMMENT:-
What's the problem?
Why don't Americans just eat more soybeans?
Isn't American industry capable of finding some way of using soybeans to make beer cans so that America isn't reliant on foreign Aluminum?