Farmers took a big hit this morning when China reacted to proposed tariffs from the US. The Chinese government slapped a proposed 25 percent tariff on soybeans. The market reacted quickly and the 2018 crop lost more than $1.5 billion of expected value. Ron Moore, a soybean farmer from Roseville and Chairman of the American Soybean Association says that he’s been left frustrated by the escalating trade tensions between the US and China. According to Moore the US farmer needs the world’s consumers to grow their business.
China buys 61 percent of US soybean exports and that amounts to 30 percent of all US soybean production.