Central IL farmers relieved by temporary tariff truce but want to see a lasting solution
CHAMPAIGN, Ill. (WCIA) — Earlier this week, the U.S. and China announced a temporary tariff truce for 90 days.
The U.S. will lower its tariff rate for Chinese imports from 145% to 30%, and China will lower their tariff on American imports from 125% to 10%.
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China is the largest consumer of American soybeans, importing nearly one billion bushels a year, with a significant portion coming from farmers in Illinois.
Total Grain Marketing in Champaign said this temporary agreement is a good sign, but with 150 days until harvest begins, the clock is ticking to find a lasting, and preferably tariff-less, solution.
'It's a good first step, but if nothing gets worked out from here and they leave the 10% tariff on, that's the bad news because that's a dollar a bushel tariff on our beans. And our beans aren't a dollar cheaper than South America. So that would effectively preclude us from selling beans to China this fall,' said Greg Johnson, the grain originator.
Johnson said farmers would like to see no tariffs on exports and a soybean purchasing agreement with China.
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