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If China is heading into a trade war with the United States, it’s threatening to strike a strategic blow to the agricultural heartland where President Donald Trump fared well in 2016’s presidential election.
Farmers in Ohio have begun planting soybeans just as the trade war with China, the world’s largest consumer of the crop, has reached another nerve-racking point.
Last week, Bunge, the world’s largest oilseed producer, told Bloomberg News that China has essentially stopped buying U.S. soybeans and instead is purchasing soybeans mostly from Brazil. U.S. soybean sales to China are down compared to last year’s total, according to the U.S. Department of Agriculture.
As the U.S. and China circle each other like boxers in their fight over trade policies, the largest buyer of American soybeans has closed its purse.
AEDE's Ian Sheldon joins Joshua Meltzer, Senior Fellow in Global Economy and Development at the Brookings Institute to discuss President Trump's willingness to revisit the Trans Pacific Partnership TPP.
Ohio farmers and soybean producers should be very worried about the possible trade war with China, in addition to the ongoing concerns about trade with the North American Free Trade Agreement (NAFTA) renegotiations, according to Dr. Ian Sheldon, Ohio State Professor and Andersons Chair of Agricultural Marketing, Trade and Policy.
AEDE Professor Ian Sheldon joins David Sumner from the University of California at Davis and David Swenson from Iowa State University on the Knowledge@Wharton radio program to discuss trade battles over trade deficit and the impact on farmers.
AEDE Professor Ian Sheldon joins Daniel Sumner from the University of California at Davis and David Swenson from Iowa State University on the Knowledge@Wharton radio program.
Local soybean and corn farmers are worried a threat to impose a 25 percent tariff on specific US exports could have a detrimental impact.
China’s plan to levy a 25 percent tariff on imports of U.S. soybeans may come as something of a surprise to most Americans. But to a professor of agricultural economics who studies international commodity markets for a living, this was not at all unexpected.
Across the nation those involved in agriculture are expressing frustration (to put it mildly, in some cases) about the escalation of a trade dispute that has resulted in China’s announcement of a proposed 25% tariff on imported U.S. soybeans.
The $50 billion in tariffs already announced by the U.S. and China could have a big impact on Ohio farmers.
"This would be particularly important for Ohio because Ohio exports and China is pretty much Ohio’s number one export market for all of its agricultural products." Ian Sheldon, Agricultural economist at Ohio State University.
In a state whose biggest agricultural export is soybeans, growers of the crop perhaps should be leery.
In a state whose biggest agricultural export is soybeans, growers of the crop perhaps should be leery.
Tariffs on imported aluminum and steel, which President Trump imposed March 8 could have disastrous consequences, particularly for soybean farmers, according to an agricultural economist with The Ohio State University.
Professor Ian Sheldon: I think there is a real risk of trade wars breaking out. Soundbite starts at 3:18
Ohio businesses and farms sell a lot of product to foreign countries. Some fifty-five percent of our state’s exports go to Canada and Mexico, who happen to be our partners in the North American Free Trade Agreement, best known as NAFTA. With that as a backdrop, you can understand why Ohio’s business and farm communities are more than a bit concerned when President Trump says he may want to back away from the trade deal. Why NAFTA is important, to all Ohioans, on this episode of Town Hall Ohio.
Ohio State experts building model to simulate impacts on Great Lakes region
According to Professor Ian Sheldon, if NAFTA negotiations fall apart, grain prices could be impacted.
The renegotiation of the North American Free Trade Agreement, or NAFTA, should worry Ohio’s 75,000 farmers.
Although President Donald Trump withdrew the U.S. from the Trans-Pacific Partnership (TPP), progress was made over the weekend on a framework for a new TPP deal on the sidelines of the Asian Pacific Economic Cooperation (APEC) Trade Ministerial Meeting.
Ani Katchova in Columbus Dispatch
Ohio’s farm economy is a bit like an ambiguous weather forecast: partly cloudy with a chance of gloom but the possibility of sunshine.
Masterminds, held on October 5th, is a new event that features The Ohio State University's strongest colleges and most brillant faculty who hold endowed positions. The first endowed chair was established at The Ohio State University in 1963. Since then, more than 170 endowed chair positions have been created to benefit The Ohio State University for generations to come. Three AEDE Professors who hold Endowed Chairs were honored.
Imagine the United States gets ensnared in a lengthy trade war and the fallout undercuts international demand for crops grown in the Great Lakes region. Farmers and other producers would eventually adjust their plans, setting in motion changes that could have pronounced ramifications on how land, water and energy resources are used and are collectively affected for years to come. But what are those ramifications, exactly, and to what extent can they be anticipated?
President Trump's agricultural policy proposals are bad for Ohio agriculture