IFB President recalls for trade, not aid

IFB President recalls for trade, not aid

The trade war of Trump against China has affected the soybean exports badly. Illinois soybean exports reduced to a third of level three years ago. Richard Guebert, Jr., the President of the Illinois Farm Bureau, testified before Congress on Wednesday. He renewed the call for trade, not aid in testimony before the House Ways and Means Committee.

Guebert praised the natural location of Illinois to serve both local and foreign markets in terms of soybean. He said that Illinois was located at a position where it had good access to the railroads and rivers. In 2016, the Illinois farmers exported $2.3 billion in soybean. Most of the Illinois soybean is exported to China, according to Guebert.

Guebert added that the trade war hit soybean exports in 2018. The cost of grain storage increased due to the steel tariffs imposed by the Trump administration. Guebert said that the Chinese retaliatory tariffs cut the soybean exports to half last year. The profitability of the farmers also reduced badly in Illinois and Midwest, the president pointed.

Guebert said, “We are about a third where we were just three years ago.” He was concerned about the declined working capital. It is hard for farmers to purchase new equipment due to the high taxes. Guebert renewed farmers’ call for trade, not aid. The farmers are facing hard times as they do not have access to overseas markets. It is hurting them as 96% of the soybean consumers do not live in the US. Guebert said, “That’s not a theory, that’s reality.”

He showed optimism for the renewal of trade with China. Guebert said, “Farmers and ranchers all across America are optimistic.” The US government signed the first phase of a trade pact with China last year. The farmers are hopeful and optimistic due to this important economic uplift signed last year. Guebert added, “We patiently await the benefits on this new trade agreement.” Guebert highlighted the effects of the trade war on Illinois farmers in the testimony.

Managing editor of the Chicago Morning Star

Related Posts
US-China negotiations reach a mini-deal
The US and China are expected to announce a mini-deal this week that would prevent
China receives import tariff delay by Trump administration
Health, safety, national security and other factors have delayed the imposed tariffs on Chinese imports
United States ‘deliberately destroying’ world order, accuses China
The China-US trade war rhetoric doesn't seem to step down as tensions are escalated further
Trump says more tariffs will be applied on Chinese goods
Donald Trump has said that the US will impose 10% tariffs on another $300 billion
US-China talks resume with little outcome expectations
United States and China are about to have their first official in-person meeting since the
Huawei lays off hundreds of employees from US research branch
The repercussions of the trade war between China and the US are still in effect
Republican senator not optimistic of US-China deal
A Republican Senator has said that a deal between US and China is highly unlikely.
France’s finance minister warns the world of repercussions of Trade War
France’s finance and economy minister Bruno Le Marie has warned that the trade war could
U.S.-China Trade War
Recently we have been seeing a strong trade conflict between China and the United States.
U.S. defense chief – China threatens Asia’s stability
Acting U.S. Defense Secretary Patrick Shanahan suggested that China is responsible for a range of