U.S. Soy responds to tariff announcement

In response to the announcement regarding U.S. tariffs on Chinese imports, the American Soybean Association, the U.S. Soybean Export Council and the United Soybean Board released the following statements.

“Nobody is a winner today,” said 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. Adding additional export market uncertainty through an expected 25 percent 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.”

“We know our U.S. farmers are great at producing soybeans, and so do our customers. Globally, consumers are demanding soy products in record volume,” said USSEC Chair Derek Haigwood, a soybean farmer from Newport, Ark. “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.”

“The soy checkoff continues to focus on market diversification for U.S. soybeans to improve profit potential for all U.S. soybean farmers,” said USB Chair Lewis Bainbridge, a soybean farmer from Ethan, S.D. “In times like these we need to keep current and potential soy users informed about the benefits of U.S. soy.”

For more information, go to www.soygrowers.com.