Missouri Farm Bureau President Blake Hurst says it’s hard to remember a “more potentially calamitous week for U.S. agriculture.” He’s responding to President Trump’s second round of tariffs on Chinese imports and China’s proposed tariffs on American goods, including soybeans, pork, beef, aircraft, and automobiles.
President Trump says the U.S. tariffs are meant to address China’s longtime illegal trade practices. He says China has chosen to retaliate by harming America’s farmers and manufacturers.
A recent Purdue University study estimates that tariffs similar to ones proposed by China would cause a 40-percent decline in U.S. soybean exports and up to 3.3-billion dollars in annual economic losses. If fully applied, Missouri Farm Bureau President Blake Hurst says China’s proposed tariffs spell trouble for Missouri agriculture.
President Trump is proposing 50-billion dollars and possibly another 100-billion dollars in Chinese imports. China has retaliated by proposing 50-billion dollars in tariffs on U.S. products including beef, pork, soybeans, cotton, and aircraft.