Categories: Chicago

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.

Jackson Sorbo

Managing editor of the Chicago Morning Star

Recent Posts

Senate Democrats mock Biden for selling weapons to Israel

Some of President Biden's strongest Senate allies are calling on Israelis to end months of fierce fighting and criticizing the…

11 months ago

The biggest cities in Ukraine are struck by Russian missiles, leaving at least 4 dead and over 100 injured

Ukraine's KYIV — At least four people were killed and nearly 100 injured when Russian hypersonic ballistic missiles attacked Ukraine's…

11 months ago

Good News That’s Much Needed for Biden

The economy is making Americans feel a little more upbeat, especially when it comes to jobs and incomes, which could…

12 months ago

College Ventilation System Reveals Missing Man

The discovery of a decaying body inside a college ventilation system marked the tragic and unexplained end to a missing…

12 months ago

Following three Palestinian shots, a Vermont man was arrested

Following the shooting deaths of three 20-year-old Palestinian-American students in Vermont, authorities have detained a man. According to a news…

12 months ago

China is told to cease “COVID deception” due to the pneumonia outbreak by the US envoy

The United States ambassador to Japan, Rahm Emanuel, urged Chinese authorities "to abandon COVID deception" and demanded that China be…

12 months ago

This website uses cookies.