American Soybean Association (ASA) reports:
The American Soybean Association (ASA) welcomed news on Friday that leaders from the U.S., Mexico, and Canada reached a deal which would lift the Section 232 steel and aluminum tariffs, removing a major roadblock to passage of the U.S.-Mexico-Canada Agreement.
“Soybean farmers welcome the Trump Administration’s decision to reach a deal on tariffs with Mexico and Canada. The positive news was uplifting during this time of volatile export markets, and soy growers are urging continuation of the momentum with the swift passage of the USMCA,” said ASA President and Clinton, Kentucky soybean grower Davie Stephens. “We appreciate the leadership from Capitol Hill and Members of Congress like Senator Chuck Grassley, for vocalizing the barrier these 232 tariffs presented to passage. As lawmakers turn to completing the task of passing USMCA, we continue to urge them to use their platform to raise the ongoing concerns over the still present China tariffs. ”
Under NAFTA, U.S. soy exports to Canada and Mexico were almost $3 billion in 2017, U.S. soy exports to Mexico have grown four-fold under the agreement, making Mexico the number two export market for U.S. soybeans.
Soy growers depend on exports, and passage of USMCA is vital to ensuring continued trade with two of U.S. soybeans’ top trading partners.