How China’s retaliatory soybean tariff impacts the US economy
China imposed various retaliatory tariffs on the US in response to US President Donald Trump’s tariff policy. Particularly notable is the 10% tariff China imposed on US soybeans (ZS=F), as soybeans are the US’s top agricultural export, with China as the top importer.
US Soybean Export Council CEO Jim Sutter joins Brad Smith on Wealth to discuss the state of the soybean market following the tariffs and the impact on consumers.
Sutter says, “We are hopeful that this will be a short-lived situation,” given how important a market China is to the US soybean industry and how important the soybean industry is to the US economy.
He notes that “the most important thing” is “how quickly can some sort of agreement be reached,” explaining that Trump has around six months before the crop will be harvested in the US.
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