U.S. tariffs on China effects on local soy bean farmers
VIENNA, Md. – Local farmers could soon be feeling the pinch following the latest round of U.S. tariffs on China.
Now that the United States has imposed more tariffs on China, local farmers say they are unlikely to regain that market, even if tariffs are lifted.
William Layton, the owner of Lazy Day Farms, says he lost roughly $70,000 because of the decrease in prices on soy beans last year.
Layton says that with this latest news, the price on soy beans could continue to drop, and farmers are wondering what money there is to be made in soy beans in the future.
“The only thing really holding soy bean prices up at all right now are the problems in the Midwest. I don’t want to have good prices because of somebody’s ill will, but that’s helped us out a little bit with prices this year. When next year comes around and the tariffs are still here, and they have good soy beans, it’s going to be even worse,” Layton said.
China was the top buyer of soy beans until the United States imposed a 25 percent tariff last year on a range of Chinese products.