Local soybean farmers are already feeling the effects of what seems to be the beginning of a major trade war with China, writes Vernon Odom for 6ABC.
Following the new 25 percent tariff on Chinese imports recently implemented by President Donald Trump, China has raised its tariffs on a number of American goods, including soybeans.
For local farmers, this could be a disaster for both their profits and the future of their business.
Richard Schlosberg of Newtown Square has been growing soybeans for three decades. The yield for this fall looked promising, but the new tariffs are dampening the excitement.
“Prices have dropped over 20 cents since the tariffs were announced,” said Schlosberg.
Bill Bean, another Chester County soybean farmer, is also not happy about the decision the man he voted for has made on tariffs.
“It’s costing us about $100 an acre,” said Bean.
Both farmers sell their grain to Oxford-based Hostetter Grain, which is also not optimistic about the future.
“Long term, I don’t know if we will get back to where we were anytime soon,” said exporter Bill Hostetter.
Read more about the new tariffs from 6ABC here.