The Trump administration will push China to resume U.S. soybean imports in any potential trade deal. American Soybean Association President John Heisdorffer sees that as a glimmer of hope for the nation’s soybean farmers who need trade war relief badly as they’ve been taking a major economic hit from the tariff battle that’s raging between the U.S. and China.
He says while some Chinese buyers are interested in U.S. soybeans, their government is tying their hands and so they’re continuing to look at purchasing soybeans from South America.
Nearly $840 million in trade aid has already gone out to U.S soybean farmers and Heisdorffer says while that is somewhat helpful, says a resolution to the trade war is badly needed or there will be farmers going out of business.
Although there may be trade progress made at the G20 talks, that would just be the first stepping stone as the tariffs are expected to remain well into next year.
