ISA issues statement on China tariffs
“Illinois soybeans are a powerful commodity driving powerful commerce with a footprint covering roughly a quarter of the state. Unfortunately, a 25 percent tariff on U.S. soybeans into China may have a significantly negative impact on soybean farmers in Illinois.
The Illinois Soybean Association conducted research with Informa Economics IEG that shows that raising and crushing soybeans and closely related industries provide $28.3 billion in sales and 114,500 jobs to Illinois. While soybeans are raised in Illinois, they are crushed, processed and put to work around the world. The Chinese market is very valuable to us, as they purchase about 25 percent of our soybeans. That represents an estimated value of $1.75 billion in soybean exports from Illinois.
We are anxious for a positive outcome with our trade discussions with China to ensure the over 43,000 soybean farmers in Illinois are able to continue to efficiently and profitably grow this important crop.”