South Dakota Soybean Association calls on Trump to withdraw Chinese tariffs
The South Dakota Soybean Association is calling on President Trump to withdraw his newly-proposed tariffs on China.
China hit back Wednesday at Trump's plans, threatening a 25 percent tariff on soybeans and several other U.S. products.
China is the largest importer of South Dakota soybeans. The announcement caused the crop's markets to drop nearly 40 cents a bushel Wednesday morning.
South Dakota Soybean Association President and Vermillion farmer Jerry Schmitz said the state's more than 11,000 soybean growers feel the pain of this decline.
"That 40 cent drop results in an overnight income loss of $15,000 to $20,000 to the average South Dakota soybean farmer at a time when farm income has already dropped to 50 percent of what it was five years ago," he said in a statement released Wednesday.
But Schmitz added that it is not too late to reverse the damage.
China said its tariff will only go into effect if Trump officially signs off on his proposal.