The American Soybean Association says trade talks are good, soybean purchases are good, but lifting the tariff that China slapped on U.S. soybean imports would be better. The ASA says it’s the only way U.S. soybean producers can regain commercial access to China, their most significant overseas market.
“It’s encouraging that the administration is keeping soybeans in their trade conversations with China,” says Davie Stephens, ASA President. “The Chinese Vice Premiere’s commitment to buy another five million tons of soybeans is encouraging, but it’s not the answer. We need an agreement at the end of the 90-day period that specifically rescinds the tariff that China has imposed on U.S. soybean imports.” The ASA president says the “good-faith” purchase commitment is a positive sign that both countries are working towards the real progress that soybean producers are looking for.
However, the purchases don’t offset the damage done to the soybean industry since tariffs were imposed. It also doesn’t repair the long-term damage the tariffs have done to a relationship that was decades in the making. ASA is joining other organizations in asking congressional members to help strengthen their message to the Administration that rescinding the tariffs are vital to the health of the farm economy.