There is still backlash from some Midwestern farmers about China’s tariffs on US exports.
The fear of a potential 25% tariff is taking a toll on several farmers who rely on soybeans, pork, etc.
Now Hoosier farmers are left in limbo, about whether the agriculture industry is on the road to decline.
Jim Douglas is a soybean farmer in Shelby County, Indiana; he says all this tariff talk is causing concern that is spreading to soybean farms across Indiana.
To farmers like him, soybeans mean money. But Humans don’t get most of his beans.
“These are production beans, they’re not seed beans.” — Jim Douglas / Owner, Douglas Farms
Which means they’ll become animal feed. Farming is what his family’s done for decades.
But many farmers across the state don’t love the idea of new tariff’s or taxes on exported soybeans.
“This is probably one of the most serious issues we’ve seen in the farm economy in my lifetime.”– Jane Ade Stevenson / CEO, Indiana Soybean Alliance
Jane Ade Stevens is CEO of the Indiana Soybean Alliance. She says Indiana’s the 4th largest soybean producer in the US. The worry is what could happen if a trade war erupts with China.
“We will probably see some farmers go out of business,” Stevens said, “because this is one of the worst economic times for farmers.”
She says 60% of US soybeans are exported worldwide. China buys about $14 Billion in soybeans every year. Stevens says. a 25% tariff would lead to increased costs for Indiana farmers.. which means it will effect everyone from farmers to the consumer.
But these are just ideas and talk for now. Stevens says they believe the Administration can get through with without a trade war. Down on the farm, that’s something Douglas echoes too.
In the meantime both Douglas and the Soybean Alliance will be watching the markets every single day.