Following President Trump’s tweets on trade policies, China responded Tuesday with its own planned taxes on U.S. imports. China plans to tax American airplanes, automobiles and soybeans at a rate of 25 percent.
Soybeans were one of Missouri’s top commodities in 2017 and accounted for over $1 billion in revenue.
Dylan Wittman farms soybeans in Tipton, Mo. He says soybeans are easy to grow and sell quickly.
“[Soybeans are] one of the more common crops grown around this area, and it has been more profitable than some other crops in the most recent years. And [the] climate's fairly well suitable,” Wittman said.
Mary Sobba, an agriculture business specialist at MU Extension, says that it’s hard to gauge the impact of a fall in the exportation of soybeans on Missouri’s economy, but she does speculate that the price of a bushel of soybeans would fall.