US, China Tariffs Talk Threatens Arkansas Soybean Industry
LITTLE ROCK, Ark. (AP) — Farmers say President Donald Trump’s plans to place tariffs on more Chinese goods are worsening a situation for Arkansas’ soybean producers.
Trump announced Monday he’d place 10 percent tariffs on another $200 billion in Chinese goods bought in the U.S.
Arkansas Farm Bureau President Randy Veach says Trump’s threat and China’s promise to retaliate has almost immediately affected soybean prices, which slumped to $8.89 a bushel at closing Tuesday.
The U.S. Department of Agriculture says Arkansas farmers harvested 3.5 million acres (1.4 million hectares) of soybeans last year, collecting 178.5 million bushels. The crop had a market value of $1.74 billion at $9.75 a bushel, placing Arkansas 11th among soybean-producing states. The state exports about 40 percent of its soybeans, most going to China.