American Soybean Association president John Heisdorffer called on President Donald Trump Wednesday to retract his “devastating” China tariff plan after the communist state added soybeans to a list of American goods that could potentially be targeted in retaliation.
According to the Associated Press, soybean farmers lost a projected $1.72 billion at market open Wednesday after China proposed slapping percent tariffs on American soybeans and 105 other American products. Cars, planes and whiskey were also included on the list of targeted goods. (RELATED: China Opens Fire On Roughly $50 Billion In US Exports As Trade Spat Heats Up)
“That’s real money lost for farmers,” Heisdorffer said of the losses. “It is entirely preventable.”
WASHINGTON, DC – APRIL 03: U.S. President Donald Trump speaks during a joint news conference in the East Room of the White House April 3, 2018 in Washington, DC. Marking their 100th anniversary of their post-World War I independence from Russia, Latvian President Raimonds Vejonis, Estonian President Kersti Kaljulaid and Lithuanian President Dalia Grybauskaite participated in the United States-Baltic Summit with U.S. President Donald Trump at the White House. (Photo by Alex Wong/Getty Images)
Heisdorffer offered to meet with Trump administration officials to discuss potential courses of action that don’t negatively impact soybean farmers.
Trump showed no signs of slowing the trade war following China’s announcement, tweeting Wednesday morning, “when you’re already $500 billion DOWN, you can’t lose!”
We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S. Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!
— Donald J. Trump (@realDonaldTrump) April 4, 2018
When you’re already $500 Billion DOWN, you can’t lose!
— Donald J. Trump (@realDonaldTrump) April 4, 2018
Trump has proposed enacting 25 percent tariffs on roughly 1,300 products his administration says “benefit from Chinese industrial policies” at the expense of American businesses and workers. (RELATED: Trump’s Trade Tariffs Target Ambitious Chinese Plan To Dominate Strategic Industries)