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US soybean farmers are working new markets now that exports to China have tanked

2019-08-09 09:08:31       source:CNBC

August 8, 2019

U.S. soybean growers are targeting new markets as demand from China has plunged dramatically due to the escalating Washington-Beijing trade war.

The world’s two largest economies are locked in a prolonged tariff battle that has dragged on for more than a year. Both countries have slapped additional levies on billions of dollars worth of each other’s goods, and the escalating tensions have spooked markets and hurt the outlook for global economic growth.

That has sent American soybean exports to China falling sharply, with total shipments to the Asian economic giant expected to end this marketing year some two-thirds lower, said Jim Sutter, chief executive officer of the U.S. Soybean Export Council.

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