Without further intervention, the first round of U.S. tariffs will hit soy growers on July 6.
China buys one-third of all U.S. soybeans, but has recently been buying more from Russia and has canceled some U.S. shipments in anticipation of the tariffs, Anatoly Medetsky reports for Bloomberg.
Brazil, meanwhile, exported its highest amount of soybeans ever in 2017 and is expanding that market this year as well, Reuters reports.
"The political consequences could be significant for the president's party, especially going into the midterms this November," Chuck Todd said on Meet the Press on June 24. Of the top ten soy-producing states, Todd said, "eight of them voted for Donald Trump in 2016 percent of the soy-producing counties voted for Donald Trump. In other words, the repercussions of President Trump's trade policies are hurting the very people who supported him the most."
The fallout could hurt down-ticket races too, Todd said, noting that "the top soybean states all have either a governor's race, Senate race, or both this year."
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