Post-election Chinese trade concerns

There are concerns among the nation’s corn and soybean growers in the wake of the 2024 election regarding the possibility of a renewed U.S. China trade war. U.S. lawmakers and officials from both political parties were increasingly looking at tariff-forward approaches to address troubling Chinese trade practices heading into the election. 

Of course, there was a significant trade war with Chinese tariffs under the previous Trump Administration and President Biden continued most of the Trump-era tariffs, suspended some and introduced others. A new, third-party economic study paints a troubling picture of the potential results another U.S.-China trade war could have on hundreds of thousands of farmers and rural communities, showing American-imposed tariffs would come at a steep cost to U.S. producers while benefiting Brazil and Argentina. 

The study, commissioned by the American Soybean Association and the National Corn Growers Association and conducted by the World Agricultural Economic and Environmental Services, shows a new trade war would result in an immediate drop in corn and soy exports to the tune of hundreds of millions of tons.… Continue reading