It’s been almost three months since massive flooding from the Missouri River washed over parts of Nebraska, Iowa and Missouri, but for many farmers, recovery has been slow. Continued wet weather and lingering high water has delayed planting for many growers who can’t afford to miss out on a good crop this season.
China is imposing new retaliatory tariffs on $60 billion worth of U.S. goods, days after the Trump administration said it would impose higher tariffs on $200 billion in Chinese goods. The latest tit-for-tat exchange comes as trade talks have failed to yield a deal.
The prices of the things we buy, from floor lamps to canoes and bicycles, are slated to go up, literally overnight, as the Trump administration makes good on a promise to raise tariffs on $200 billion worth of imported Chinese products.
In theory, closing off China’s soybean market due to the trade dispute with the U.S. on top of generally low prices for the commodity should affect all industry players, big to small. But if you’re a farmer who plants only soybeans on relatively few acres, you’re probably in trouble.
The U.S. trade war with China has created a financial burden for farmers and companies that import Chinese goods. Consumers, on the other hand, have mostly been spared from the conflict. That could all change if this month’s negotiations between the U.S. and China don’t go well.
