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FARMERS FOR FREE TRADE'S STATEMENT ON NEW ANALYSIS OF IMPACTS FROM A TARIFF-INDUCED TRADE WAR​
Oct. 16, 2024
Source: Farmers for Free Trade news release
(WASHINGTON, DC) - Farmers for Free Trade, the national trade advocacy coalition comprised of America's largest ag and food associations, released the following statement today on a new analysis from the National Corn Growers Association and American Soybean Association that evaluates the impacts a trade war would have on soybeans and corn, two of America's leading ag exports. The statement comes from Bob Hemesath, the Board President of Farmers for Free Trade and an Iowa soy and corn farmer.
"This analysis shows that American corn and soy farmers would be devastated by the reemergence of a trade war," said Hemesath. "The very real possibility that tariffs rise sharply would mean corn exports to China drop by well over 80 percent and soy exports to China fall by over half. The analysis also shows that a trade war would reduce U.S. soybean and corn prices, a prospect that would harm rural economies across the country.
"Exports help keep farmers afloat. Returning to a global trade war would be a gift to competitors like Brazil and Argentina, would hike the price of ag inputs, and would have long-lasting impacts on the livelihoods of farmers like me. We can be tough on China without creating self-inflicted wounds."
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