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Oct 15, 2024
Trade Study: How Potential New Tariffs Could Impact U.S. Soybeans and CornKey Issues: Trade
Author: NCGA and ASA
Krista Swanson, NCGA Lead Economist Scott Gerlt, PhD, ASA Chief Economist Jacquie Holland, ASA Economist Considerable discussion has surrounded suggestions of ratcheting up tariffs for various reasons on U.S. imports of Chinese products. And experience and research have shown that U.S. agriculture often bears the cost of such trade disputes. U.S. soybeans and corn are prime targets for tariffs. As the top two export commodities for our country, together they account for about one-fourth of total U.S. agricultural export value. As such, a repeated tariff-based approach to addressing trade with China places a target on both U.S. soybeans and corn. Farmers and rural economies pay the price as a result. The National Corn Growers Association and American Soybean Association asked World Agricultural Economic and Environmental Services (WAEES) to evaluate the impact a trade war would have on soybeans and corn today. Bottom line: A repeated tariff-based approach accelerates...
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