An ongoing trade war between Beijing and Washington has hit the soybean industry hard, the U.S. Soybean Export Council (USSEC) said at a trade services fair in China.
China slapped a 25 percent tariff on U.S. soybeans last July as part of the tit-for-tat trade war between the world’s two largest economies, leaving farmers sitting on a stockpile of the commodity. China has also retaliated with tariffs on U.S. corn, pork and other products.
“The sales (of soybean) in China have already hit a certain low point… with a continuation of the trade war, it’s highly possible we will lose the Chinese market forever,” said USSEC Marketing Manager Zhao Liang, adding that recovery would be difficult in the face of lost confidence and unclear prospects.
American Chamber of Commerce Chairman Holmes Stoner, who helps both countries’ small businesses survive in the market, had this to say.