No orders from China: US soybean farmers, desperate for trade deal, walk ‘tightrope’
China, once the buyer of nearly one-third of US soybeans, has placed no orders this year
American farmers are “walking a tightrope” between supporting US President Donald Trump’s tariffs and suffering serious financial losses in the absence of a highly anticipated US-China trade deal, according to a seasoned farmer from South Dakota, one of the country’s top agricultural states.
Mike McCranie, a soybean and corn producer, voiced support for Washington’s tariff policy “if it results in a long-term deal” but acknowledged it has hurt US farmers.
No Chinese orders have been placed this season, as reciprocal duties have priced US soybeans out of the market. China’s overall tariff rate on US soybeans reached 34 per cent in August, data from the American Soybean Association showed.
“I’m very hopeful that they are able to iron out some sort of a trade deal … right now there’s a lot of pain in the market,” McCranie said.
“It’s kind of like walking a tightrope, because the American farmers supported the Trump administration.”