Trump’s tariffs are hurting farmers as Chinese soybean imports drop to zero

Straight Arrow News

Watch Trump’s tariffs are hurting farmers as Chinese soybean imports drop to zero - Straight Arrow News on Dailymotion

Transcript

00:00China didn't import any U.S. soybeans in September.

00:04For context, that's down from 1.7 million metric tons this time last year.

00:10Farmers are hurting.

00:11It's a big problem.

00:12Can they expect any help?

00:13We're outside the Senate Agriculture Committee to find out.

00:18This was the first time since November 2018 that China didn't import any U.S. soybeans.

00:23It was the same reason then as it is now.

00:26China imposed retaliatory tariffs on the United States.

00:29Here are the details.

00:30After President Trump imposed his worldwide tariffs in April, China responded by imposing

00:35a 23 percent tariff on American soy.

00:38According to Reuters, that increased the cost per bushel by about $2.

00:42That rise made U.S. soybeans cost more than those from South America.

00:46So China stopped buying soybeans from the United States and increased purchases from South America,

00:51particularly Brazil.

00:53The increased tariffs and lower sales could lead to increased prices for Americans.

00:58Soybeans are used to make food and oil.

01:00They also feed livestock and poultry, so those prices can increase when soybeans go up.

01:05There are billions of dollars at stake.

01:06Will Washington provide assistance?

01:08I can tell you, this situation scares the living hell out of soybean farmers in Illinois

01:13and across America.

01:15To lose a major customer like this is not only a loss to our farmers, it's a loss that's

01:21going to be felt in future generations because of the unreliability of the American producers.

01:26I know a big part of the reason is because of the tariffs.

01:29Do you think that there should be further congressional push on tariffs?

01:32Yes, I do.

01:33I think we've given to the president authority over tariffs that goes way beyond what the

01:38law even allows.

01:40Can farmers expect any assistance?

01:42Well, we better.

01:44We better step up and help our farmers because our farmers are in real trouble.

01:48I mean, I know ever so well how much it costs to plant an acre of corn, how much it costs

01:54to plant an acre of soybeans.

01:56And if you think for one second that our farmers are not critical minerals, we are really, really

02:01making a bad mistake.

02:03Can farmers expect any assistance?

02:04Well, I hope so.

02:07It's discouraging to me to see the administration give billions to Argentina, which is now taking

02:14that business away from American farmers when we need to support our farmers and make sure

02:19they can export their products.

02:22So I hope there are changes in the never-ending tariff wars.

02:28What do you think the proper package would look like to get this done right?

02:32Well, I'd like to see an end to these on-again, off-again tariff wars.

02:38The farmers I talk to are looking to export their products and sell their products.

02:44They'd much rather have that than financial relief from the federal government.

02:51So let's get them back into the business of being able to sell their products overseas.

02:55In 2018, the government used funds from the Commodity Credit Corporation to help farmers.

03:00This time around, President Trump is considering using tariff revenues to provide to farmers.

03:06It's been well-documented, though, that those tariffs are what got us here in the first place.

03:10I'm Ray Bogan for Straight Hour News.

03:11For more unbiased reporting straight from our nation's capital, download the SAN app.

Category

Transcript

Be the first to comment

Recommended