New IMPLAN analysis reveals the economic ripple effects of reduced soybean farming due to tariffs, and what a recovery could mean moving forward.
According to the Wall Street Journal, China purchased just over 200 million bushels of U.S. soybeans from January through August of this year. That’s an 80% drop from the nearly 1 billion bushels purchased during the same period last year. For an industry where China previously accounted for more than half of the $24.5 billion in U.S. soybean exports, the change represents an estimated $9.8 billion reduction in output.
But the economic impact doesn’t stop on the farm.
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