Tariffs Imposed on China, Retaliation Expected

The Trump Administration has announced its moving forward with $50 billon of tariffs against China. Retaliation is expected against U.S. agricultural products, including a 25-percent tariff on soybeans. South Dakota Soybean Association President Jerry Schmitz says they’ve been fearful of the tariffs and the damage it will do to their relationship with their number one customer..

President Trump says the trade action would require short term pain for longer term gain. However, Schmitz says rebuilding those markets is difficult once they are lost.

Colton farmer and Association Secretary Jeff Thompson says the soybean market has already taken a significant price hit just on the fear of tariffs and so its already hurting farmers.

Thompson says if the U.S. becomes an unreliable supplier to China then Brazil will claim that market, which took nearly 35 years to build.

U.S. and South Dakota soybean farmers sell 60-percent of their crop in the export market and one-third of that goes to China.

(WNAX)