American soy farmers are coming under increasing stress thanks to President Donald Trump’s trade wars — and that pressure has only grown after both China and Europe recently canceled trade missions to the United States.
CNBC reports that trade delegates from China, India, Spain and Italy have all cancelled planned September visits to the United States due to political tension over President Donald Trump’s trade policies, which have seen foreign nations slap hefty tariffs on American soy farmers.
Simon Wilson, executive director for the North Dakota Trade Office, tells CNBC that the cancelled trade missions are just the latest sign that Trump’s tariffs are putting real economic stress on U.S. farmers.
“They explained to us that there is too much uncertainty,” Wilson says. “It is a mess.”
Tim McGreevy, CEO of the US Dry Pea and Lentil Council, tells CNBC that there’s a real danger that these countries will start looking toward alternatives to fill their citizens’ demands for soybeans, peas and lentils.
“Canada has a larger pea crop than ours,” he explains. “Australia is looking to increase their sales and Russia and Ukraine are ramping up their pea production to sell to China.”