Tariff action could quickly heat up and affect soybeans, economists warn

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.

Related Stories
On this week’s Rural Health Matters, Dr. Jeffrey Gold raises awareness about Parkinson’s disease, shares insights on early detection, and offers guidance for patients and families in rural communities.
New partnership focuses on rebuilding habitat for quail across the south
Nebraska Farm Bureau President Mark McHargue joined us to discuss wildfire recovery efforts in the state, impacts to agriculture, and conditions heading into the spring planting season.
Building on the USDA’s recently released Grazing Action Plan, the agreement formalizes collaboration between the USDA, Forest Service, and Bureau of Land Management to ensure more efficient, transparent, and responsive grazing management across federal lands.
USDA’s Quarterly Grain Stocks report shows increased supplies across all major commodities, with corn, soybeans, and wheat stocks all rising compared to a year ago. Lewis Williamson with HTS Commodities discusses producer and market sentiment ahead of the key report.
Acre shifts reflect margins, costs, and market opportunities.

LATEST STORIES BY THIS AUTHOR:

Tidal Grow’s AlignN delivers encapsulated nitrogen to leaves, boosting in-season response, yield gains, and farm profits.
Katie Keener with the National Women in Agriculture Association joins us to celebrate women in agriculture and spotlight programs and initiatives aimed at empowering female producers across the country.
Nationwide’s Elizabeth Duncan and Traci Via with Agriculture Future of America highlight the impact of women in agriculture and how mentorship and partnerships empower future farmers and ranchers.
Jake Charleston of Specialty Risk Insurance offers his perspective on current cattle market conditions and shares advice for producers seeking to stay protected in an uncertain market.
National Pork Producers Council incoming president Rob Brenneman shares insights from the National Pork Industry Forum in Kansas City, where producers gathered to discuss Farm Bill policy, sustainability, and other priorities for the year ahead.
Co-founders Jeremy and Heather Clark share how Vets to Cowboys helps U.S. veterans build new skills, find community in cattle ranching, and discover new opportunities in agriculture.