Statement by Steve Nelson, President, Regarding President Trump Ordering Stiff Tariffs on China
Today’s action by President Trump to impose tariffs on a number of Chinese goods in order to address the United States’ trade imbalance with China is cause for great concern.”
“This move has the potential to launch the U.S. into a trade war with China. While we anticipate retaliatory measures to be both strategic and overtly political, it is likely, a number of agricultural products will be targeted for retaliation.”
“China remains the number one customer of U.S. soy, buying more than one of every four rows of soybeans growing in U.S. farm fields. With Nebraska farmers and ranchers already suffering through a 50 percent drop in net farm income in the past five years, this action has the potential to make this situation considerably worse.”
“These tariffs may be aimed at China, but the cost will be incurred on American consumers who will pay more at the checkout line for the items they shop for every day. We can’t emphasize enough the importance of trade and how concerning this latest action by the Trump administration is for Nebraska farmers, ranchers, and consumers.”
Information provided by NFB.