The head of the North Dakota Trade Office and counterparts in Minnesota are voicing concern over the impact of what appears to be an all out trade war between the U.S. and China.
Effective last Friday, each country has slapped tariffs on tens of billions of dollars of each other’s exports, and Simon Wilson with the North Dakota Trade Office says consumers and businesses large and small are paying the price.
Wilson says soybean farmers are among the first to take a solid hit, with a new, 25% tariff imposed by the Chinese Government on up to $1.8 billion in annual North Dakota soybean sales. The effect is even greater in Minnesota, and commodity sales across the board are being affected.
In a statement issued Friday by the Minnesota Association of Wheat Growers, headquartered in Red Lake Falls; Executive Director Dave Torgerson said China has also stopped making new purchases of US Wheat.
While acknowledging unfair Chinese Government policies that create trade distortions that hurt American Industry, Torgerson als
o called for an end to “trading salvos” and a quick resolution, saying, “The damage to the livelihood of hardworking farm families is no longer just a threat. The exchange of punitive tariffs between Washington and Bejing represents the next phase of a long and difficult struggle that will likely inflict more pain before we reach an unknown resolution.”