Cargill CEO Sees Risk to U.S. Farmers as China Shuns Soybeans
President Donald Trump’s trade war with China may have a lasting impact on American agriculture if it drags on, with the Asian nation already halting U.S. soybean purchases, according to the head of Cargill Inc. and reported on Bloomberg.com.
A long-term dispute could shift perception of the U.S. as a reliable trade partner and prompt China, the world’s largest importer of soybeans and the biggest buyer from the U.S, to turn to other sources of protein to feed its chickens, pork and other livestock, Chief Executive Officer David MacLennan said. That could squeeze U.S. growers out of the industry.
“Maybe if it were fixed quickly, we might go back to the way it was, but long term I’m concerned it has a detrimental effect on the U.S. agricultural economy,” he said in an interview with Bloomberg Television on Tuesday.