Today, the Wisconsin Soybean Association (WSA) voices significant concern for Wisconsin farmers in response to the Trump Administration’s decision to increase tariffs on Chinese goods.
On Sunday, May 5, 2019, President Trump threatened to impose a 25 percent tariff on almost all Chinese goods if quick resolution wasn’t realized during his meeting with Chinese President, Xi Jinping. The following day, U.S. Trade Representative, Robert Lighthizer, confirmed the U.S. will move forward with the increased tariffs on $200 billion in Chinese goods. This increase from 10 to 25 percent will be enacted Friday, May 10, 2019.
Both the WSA and the American Soybean Association (ASA) are alarmed and disappointed with this outcome. In their press release, the ASA called this tariff increase a “worst case scenario for America’s soybean growers.”
The ASA, WSA and other state affiliates have spent more than 40 years developing the soybean market in China. This market has been profoundly impacted by the ongoing trade war, which has resulted in low soybean prices for almost a year. The organizations find this week’s tariff escalation unacceptable and are deeply concerned it will derail negotiations and cause additional harm to U.S. soybean farmers.
Both the ASA and WSA continue to urge the Trump Administration to rapidly negotiate a solution that includes immediately rescinding the tariffs.
Need a recap? Get caught up on the ongoing US-China trade war:
- Soy Growers Say Six Months is Too Long. They Need Trade, Not Tariffs.
- Renewed Sales to China Positive News for Wisconsin Soybean Growers
- NBC Features Wisconsin Farmers’ Take on US-China Trade War
- ASA Board Member Works With Senator Ron Johnson on Tariffs
- $50 Billion Tariff Against China to Take Effect