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businesses or farmers. White House tariffs or retaliatory measures by other countries are clearly hitting some parts of the economy. Consider U.S. soybean farmers. They rushed to sell a record harvest of soybeans before and after Chinese retaliatory tariffs took effect, but they had to slash prices in order to do so. Soybean export prices sank a whopping 14% in July, according to the most recent government figures. The large harvest also contributed to the decline. Also Read: U.S. import prices rise at fastest pace in 6½ years Much of the increase has occurred since the trade fights heated up in the spring. Lumber and steel were among the first products to be hit with steeper U.S. or foreign tariffs.
For the original version including any supplementary images or video, visit https://www.marketwatch.com/story/trump-tariffs-hurt-soybean-farmers-but-most-americans-not-suffering-at-all-heres-why-2018-08-14
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