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April 6, 2018DES MOINES, Iowa |  By: INS

Chinese tariffs could have big impact on Iowa's economy

Iowa farmers are anxiously watching tit-for-tat tariff threats, as China has responded to import duties proposed by the Trump administration on aluminum and steel by going after products produced in states such as Iowa. China has floated tariffs on $50 billion worth of American goods including agricultural products such as pork, beef, ethanol and soybeans. John Airy is president of the Corn and Soybean Association in Linn County. He says he believes if China goes through with a tariff on soybeans, Iowa's economy could take a big hit.

Iowa, where Donald Trump won nearly every county in 2016, is second behind only Illinois in the production of soybeans. The President says trade policies have favored China over the U.S. and the balance needs to be corrected to grow the economy.

The American Soybean Association says China is the largest consumer of U.S. soybeans, buying about one-third of all U.S. production annually. Airy says farmers expect to battle the weather each year, but tariff threats make the job even harder and he hopes cooler heads will prevail.

The American Soybean Association says soybean farmers lost an estimated $1.7 billion Wednesday as soybean futures tumbled amidst speculation of an impending trade war.