U.S. Soy Responds to Tariff Announcement
ST. LOUIS (June 18, 2018) – In response to the announcement regarding U.S. tariffs on Chinese imports, the American Soybean Association (ASA), the U.S. Soybean Export Council (USSEC) and the United Soybean Board (USB) release the following statements.
“Nobody is a winner today,” says ASA Vice President Davie Stephens, a Kentucky soybean grower. “In the midst of a down farm economy and down farm prices, this uncertainty has led to a drop of market prices. Adding additional export market uncertainty through an expected 25 percent retaliatory tariff on U.S. soybeans into China ensures that soy growers and the rural communities that depend on them will see the effects of this for years to come. As the largest importer of U.S. soybeans, China is a vital and robust market we cannot afford to lose.”
“We know our U.S. farmers are great at producing soybeans and so do our customers; globally, consumers are demanding soy products in record volume,” says USSEC Chair Derek Haigwood, a soybean farmer from Newport, Arkansas. “USSEC is actively working to minimize the impact of this action on U.S. farmers and the U.S. Soy industry by ensuring customers around the world understand the value that U.S. Soy provides.”
“The soy checkoff continues to focus on market diversification for U.S. soybeans to improve profit potential for all U.S. soybean farmers,” says USB Chair Lewis Bainbridge, a soybean farmer from Ethan, South Dakota. “In times like these we need to keep current and potential soy users informed about the benefits of U.S. Soy.”
The U.S. Soybean Export Council connects U.S. soybean farmers with opportunities to improve human nutrition, livestock production and aquaculture. This mission is accomplished with a science-based technical foundation and a global network of partnerships including soybean farmers, exporters, agribusiness and agricultural organizations, researchers and government agencies. USSEC operates internationally and works with aquaculture programs in different nations to help ensure sustainability and profitability for industry producers. USSEC programs are partially funded by the United Soybean Board.
USB’s 73 farmer-directors work on behalf of all U.S. soybean farmers to achieve maximum value for their soy checkoff investments. These volunteers invest and leverage checkoff funds in programs and partnerships to drive soybean innovation beyond the bushel and increase preference for U.S. soy. That preference is based on U.S. soybean meal and oil quality and the sustainability of U.S. soybean farmers. As stipulated in the federal Soybean Promotion, Research and Consumer Information Act, the USDA Agricultural Marketing Service has oversight responsibilities for USB and the soy checkoff.
ASA represents all U.S. soybean farmers on domestic and international issues of importance to the soybean industry. ASA’s advocacy efforts are made possible through voluntary farmer membership by farmers in 30 states where soybeans are grown. For more information on ASA, visit www.soygrowers.com.