Iowa Soybean Association President and Rippey farmer Tim Bardole released the following statement Friday regarding the news of a U.S.-China trade deal:
Reports that the administration has reached a phase-one agreement with China is a significant milestone on the path to resolving the ongoing and significant trade issues impacting trade between the two countries.
While still early in the process, we strongly urge U.S. and Chinese trade officials to continue moving forward in good faith to resolve the important matters that need attention so that trade and commerce can flow once again.
It's important to note, however, that the significant financial harm done to soybean farmers will not be undone with the signature of a phase one trade agreement. The impact of nearly 18 months of lost sales to a country that consumes one-third of U.S. soybean production will not be made up anytime soon. This is particularly true given another large South American crop is in production.
We look forward to additional details and progress on this important matter. In the meantime, we urge swift action on the U.S.-Mexico-Canada Agreement and a restoration of tax credits and volume obligations necessary to restore certainty and profitability to the nation's biodiesel industry.
The Iowa Soybean Association (www.iasoybeans.com) is “Driven To Deliver” increased soybean demand through market development and new uses, farmer-focused research and results, timely information and know-how and policy initiatives enabling farmers and the industry to flourish. Founded in 1964 by farmers to serve farmers, ISA is governed by a board of 22 farmers to advocate on behalf of the state’s 40,000 soybean producers, including more than 12,000 ISA farmer members and industry stakeholders.