Soybean growers praise trade announcements, note China importance
The American Soybean Association on Wednesday praised the Trump administration’s announcements that it would begin formal trade negotiations with the European Union, Japan and the United Kingdom, but also said it hopes the U.S. government will reach an agreement to end the trade war with China, which has been its largest customer.
Concluding the United States-Mexico-Canada agreement and success in the negotiations with Japan, the EU and the U.K. “would mean opportunities to potentially increase U.S. soy and livestock product exports to other promising markets, including the Philippines. ASA is encouraging the administration to consider adding Vietnam and Indonesia to its list of potential negotiating targets. Knowing, however, that increased sales to these markets won’t offset lost U.S. export to China, ASA continues to emphasize the need to reach an agreement that rescinds the current tariffs and allows soy growers to begin to restore this vital, No. 1 export market.”