President Trump announced Thursday that he will impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports from any country “for a long period of time.” Groups representing U.S. wheat and soybean growers said the tariffs might lead to retaliatory steps by China, the No. 1 buyer of American farm exports.
China buys two-thirds of all the soybeans sold on the world market and holds half of the world stockpile of wheat. The American Soybean Association said China buys more U.S. soybeans than all other countries combined. “Prior to today’s announcement, China has indicated that it may retaliate against U.S. soybean imports, which would be devastating to U.S. soy growers.”
The National Association of Wheat Growers and the export-promoting U.S. Wheat Associates said steel and aluminum tariffs “have serious potential consequences for agriculture. It is dismaying that the voices of agriculture were ignored in favor of an industry that is already among the most protected in the world.”
Trump indicated he would sign the tariffs into effect next week. The Commerce Department says imported metal weakens the U.S. industrial base and is a national security issue.