American Soybean Association members are calling on Congress and the President to resolve the current trade war with China before the March 1 deadline. President Trump promised to increase tariffs to 25-percent if there was no resolution to the trade war by then. Iowa Soybean Association President Lindsay Greiner says farmers are losing their patience and want the tariffs removed.
The hope for resolution faded last week when President Trump announced he would not be meeting with China’s leader before March 1. However, Greiner thinks there will be an extension of the deadline.
He says even if a deal is reached, U.S. soybean farmers have a record carryout to get marketed.
ASA notes that China’s purchases of the 2018 U.S. soybean crop total about 6.5 million tons or just 20 percent of past annual levels of more than 30 million tons. Those purchases don’t come close to offsetting the damage caused by the trade war.
