Business Insider -US farming associations have hit out at President Donald Trump's tariffs saying that "Trade policy is not a game" and that "farmers and ranchers could be dealing with the fallout for decades to come."
Roger Johnson, president of the National Farmers Union, the nation's second-largest general farm organization, told Bloomberg that Trump's latest tariffs would hurt American farmers — a large part of his own voter base.
Trump announced in a Tweet that he would be stepping up tariffs adding 10% on top of the already 25% tariff on Chinese goods. Markets plunged on the news.
"It may take President Trump just a few minutes to write 280 characters, but family farmers and ranchers could be dealing with the fallout for decades to come," Johnson said.
Bloomberg reported that US soybeans futures were on track for their worst week in three months and hogs were set for the biggest slump in a year — those are two of the biggest US agricultural exports to China.
Markets Insider earlier this week reported that China was now buddying up with Brazil to replace the lack of soybean shipments from the US. Soybean exports had dropped considerably in from the USA while Brazilian exports had increased substantially since Trump took office.
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