North Dakota soybean processors hit hard by tariffs as China cancels orders
One-sided trade war
Curt Petrich, president of the Northern Food Grade Soybean Association acknowledges that the global trade imbalance should be managed, but said “there is a better way of addressing our partners than starting a trade war.”
The pain of this tariff war is one-sided according to some agriculture experts and the Chinese will not feel a pricing pinch. Blake Hurst, president of the Missouri Farm Bureau explained the Chinese tariff on soybeans is acting as a pro-Chinese price wedge. “With prices of soybeans depressed because of trade war fears, the 25 percent tariff only raises the price of U.S. soybeans to 2017 levels.
The Chinese are not impacted at all,” said Hurst. “The soybean farmers across the country are the ones feeling the pain. Long-term, this is not good for the farmers.”
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