ByPam Dempsey, Anna Casey and Dave Dickey/The Midwest Center for Investigative Reporting |
As China and the U.S. swap threats of import taxes on billions of dollars of goods, financial markets fluctuated and farmers are frustrated, saying they worry over hard-built trade relationships with one of their largest customers.
ByPam Dempsey and Dave Dickey/The Midwest Center for Investigative Reporting |
Argentina and Brazil may fill China’s soybean needs if China imposes a 25 percent tariff on U.S. soybean exports. And experts say : “China is the world’s largest consumer, and the U.S. is the largest producer, … so they’ll need to replace the U.S. with some other country,”
ByStaff of the Midwest Center for Investigative Reporting |
Earlier this month, the U.S. and China both announced billions of dollars in taxes on billions of dollars worth of imported goods - China is seeking tariffs on $50 billion worth of U.S. products that include soybeans and pork while the U.S. announced taxes on $150 billion worth of 1,300 Chinese products, including electronics. Here’s a look at what farm organizations in the Midwest have to say.
The Trans-Pacific Partnership promises to cut thousands of restrictive trade taxes on beef, corn and other U.S. agricultural products. But an analysis of U.S. Department of Agriculture and World Trade Organization data shows that TPP countries are already major customers when it comes to American agriculture.
One of the biggest challenges that today's farmers face is the patchwork of different GMO regulations from country to country. Part of the Trans-Pacific Partnership trade agreement is focused on making biotechnology more transparent between the deal's members.
The United States reached a major free trade agreement with 11 Pacific Rim countries at the beginning of October. Industry experts believe the deal, known as the Trans-Pacific Partnership, will open lucrative foreign markets to American agricultural products. Lobbying records suggest major agribusinesses are heavily interested in the deal.