After nearly three months of negotiations, President Trump and Chinese President Xi could not reach a conclusion and bring to an end tariffs imposed on soy growers by China since July 2018, a measure that would have brought great relief to soy growers.
Davie Stephens, a soybean grower from Clinton, Kentucky, and American Soybean Association (ASA) president stated, “We are glad that talks between these two countries will continue without the tariff hike previously expected at the 90-day deadline later this week, but we need resolution and are discouraged that it’s still hard to see a tangible end in sight.”
The Chinese government has recently announced and begun to make good on government-to-government commitments to purchase American soybeans totaling around 20 million metric tons (735 million bushels), which is a positive step. However, ASA continues to push for more than piecemeal purchases and see open access to the China market restored through the removal of tariffs.
The value of U.S. soybean exports to China has grown exponentially the past 20 years, from $414 million in 1996 to $14 billion in 2017.Click here to see more...