As foreign countries threaten and impose retaliatory tariffs on U.S. products, some Ohio soybean farmers are growing concerned.
Soybeans are the state鈥檚 top-produced crop: Ohio farmers planted upwards of of the legume last year, compared to about 3.5 million acres of corn.
Most of the harvest goes overseas.
鈥淥verall for the United States, more than half of our crop gets exported,鈥� said Kirk Merritt, executive director of the Ohio Soybean Association and the Ohio Soybean Council. 鈥淥f the markets that we export to, China is by far the largest and Mexico is number two.鈥�
Last week, China imposed on U.S. soybean imports in response to American tariffs. And while Mexico has not yet followed suit, it has threatened retaliatory tariffs too.
At the same time, programs have also for crops like soybeans, Merritt said.
Taken together, he worries the moves could negatively impact the state鈥檚 farmers.
鈥淲e would expect that it would result in lower prices for Ohio soybean farmers and probably a lower volume of exports,鈥� he said. 鈥淥ur hope would be that the administration would be able to negotiate favorable outcomes that would alleviate the need for tariffs.鈥�
Learning from the past
This isn鈥檛 Ohio farmers鈥� first go-around with tariffs.
In 2018, China levied on U.S. soybean exports, which sent prices tumbling.