(Toledo, OH) Ohio soybean farmers say the U.S. government's tariffs on Chinese steel are having a blowback effect.
The Ohio Soybean Association says China's retaliation with steep tariffs on soybean exports could clobber farmers and farm-related businesses. The proposed tariff would levy a 25-percent bill on all U.S. soybeans shipped to China.
Members of Ohio's congressional delegation responded with statements supporting tariffs to keep Ohio steelworkers employed, but also to find ways to level the playing field for farmers.
According to the statewide group, soybeans are Ohio's biggest cash crop, with farmers exporting $1.8 billion in soybeans last year and China as the biggest consumer. Speculation on the commodity market about a Chinese tariff backlash is already hitting soybean futures hard.