This week, President Trump sent a delegation of trade officials to China to “stop an escalation of trade barriers.”
According to U.S. Treasury Secretary Steven Mnuchin, the Trump administration will work to protect U.S. farmers from the trade dispute.
Mnuchen, Commerce Secretary Wilbur Ross, and U.S. Trade Representative Robert Lighthizer are part of the delegation, and so far there have been no planned press conferences by either the Chinese or the U.S.
China is the top trading destination for U.S. commodities, and their top import is soybeans. According to Bunge CEO Soren Schroder, China is now sourcing soybeans from Brazil and Canada rather than the U.S.
“We sell one out of three rows of our soybeans to China,” said Dr. Robert Johansson, chief economist for USDA. “If China does impose a 25 percent tariff and it goes into effect, that’s going to really throw the market for a bit of a loop.”
Hear why Johansson believes the U.S. can find different markets in the global market place with U.S. Farm Report host Tyne Morgan in Washington D.C. on AgDay above.