Soy leaders are keeping a close watch on tariff action out of the White House. China is a major buyer of U.S. soybeans, and economists warn the situation could quickly heat up.
“They dominate the global oil seed market and they import more than the rest of the world combined. And in 2018, when those Section 301 retaliatory tariffs went into place, we saw prices drop overnight by $2.00 a bushel and our market share evaporate. You know, USDA’s Economic Research Service put out a study assessing the economic damages done to us as a result of the trade. It showed $27 billion in losses for U.S. ag, and of that amount, our soybeans accounted for 71%,” said Virginia Houston.
President Trump has given both Canada and Mexico a February 1st start date for tariffs. Some ag leaders have warned the plan could backfire, while others support the move as an effort to boost U.S. trade.
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Enforceable origin labels could create clearer premiums for U.S. cattle and address concerns some producers have had with competition from foreign imported beef.
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A court decision that overturns Enlist labels would remove two major herbicides from use and reshape EPA’s future mitigation policies for other pesticides.
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If the House concurs and the President signs, USDA services and farm-bill programs resume at full speed with authorities extended for another year.
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Experts highlight the importance of monitoring insecticide resistance in crops and improving disease traceability at livestock shows through RFID technology.
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