US soybean farmers are expected to be a major loser in President Donald Trump’s trade war with China.
US soybean exports surged over the past two months due to distortions from Trump’s trade battles with China.
This will likely boost US second quarter GDP, helping to give Trump a big public relations win on the economy.
US soybean farmers are expected to get whacked by President Donald Trump’s trade war with China, but not before helping hand the president a potentially significant economic victory.
But while many farmers and experts expect the industry to take a significant hit due to Trump’s trade war, dramatic changes in soybean shipments due to the tariffs could help lift upcoming US GDP numbers — giving Trump a big economic talking point.
Soybeans were hit with a new tariff by the Chinese government last week as part of the retaliation for Trump’s tariffs on $34 billion worth of Chinese goods. The decision to apply duties to soybeans was a big one: The crop is the largest US agricultural export, and China was the destination for $14.2 billion worth of US soybeans in 2016.
But the move was a long time coming. China threatened to impose restrictions on …read more
Source:: Businessinsider – Politics