Talks last week between United States and China negotiators failed to resolve the dispute that has crimped U.S. crop sales to China. In fact, Bunge officials report China has quit buying U.S. soybeans.
American Soybean Association President John Heisdorffer says he’s heard that report and remains concerned about the current trade dispute with China, but is hopeful negotiations will reach an agreement to avert the 25-percent tariffs on soybeans.
He’s not surprised the Chinese are now sourcing their soybeans from Brazil and Canada.
A recent study projected U.S. soybean exports are projected to drop by $4.5 billion to $ 7.7 billion if the 25 percent tariff is imposed. Heisdorffer says that’s particularly disturbing given the depressed state of the U.S. farm economy.
As part of last week’s meeting negotiators had asked China to avoid tariffs on U.S. agricultural products.
