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China imposes tariffs on soybeans

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China’s recent tariffs on imports from the U.S. hit Michigan soybean growers hard.

 

Officials said the global market has already reacted with soybean prices dropping 40 cents.

Soybeans are Michigan’s largest export crop. The industry  contributes more than one (point) six billion dollars to the state's economy and provides 14-thousand jobs.

Kathy Maurer is the financial and international marketing director for the Michigan Soybean Promotion Committee.

“One out of every three rows grown are exported to China, that’s a lot of soybeans that go to China, so we can’t just look at Michigan’s impact because it is global, so everything that happens with the U.S. soy market affects every single farmer including those in Michigan and the economy’s that surround it.”

Maurer said there is a potential for the new tariff to result in lost jobs

She said soy is used in other industries like the pork and poultry, so impacts from the tariff will likely extend beyond the  soybean industry.