Trump's Tariffs Could Decimate Minnesota Soybean Farmers: Report

President Donald Trump told a packed Amsoil Stadium in Duluth Wednesday that his economic policy, which includes significant tariffs on United States' top trading partners, will benefit American workers. The White House recently announced a 25 percent tariff on various Chinese products.

But analysts say if China follows through with its threatened 25 percent tariff on U.S. soybeans in response, Minnesota soybean farmers could lose 69 percent of Chinese sales and see a 29 percent reduction in exports overall.

Purdue University agricultural economist Wallace Tyner told the Star Tribune that thanks to the tariffs, Brazil could see its soybean export business skyrocket at the expense of American farmers.

"Half of our soybean crop gets exported," Kristin Duncanson told the newspaper. Duncanson grows soybeans south of Mankota.

"Soybeans are much more profitable than other crops. What do we replace them with? Corn? Well, corn is not doing well in the market now," she added.

State trade facts from the Minnesota Employment and Economic Development:

• Minnesota exports of goods increased to $21 billion in 2017
• Minnesota had the 23rd highest export value among U.S. states, and exported 1,053 different products to 203 countries.
• Exports of goods and services supported about 118,000 jobs in Minnesota in 2016.
• Minnesota’s manufactured exports grew 7 percent to $19 billion in 2017, compared to U.S. growth of 5 percent.

On top of affecting farmers, analysts say tariffs could impact the pocketbooks of regular Minnesota consumers at the supermarket.

Read much more at the Star Tribune.

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