ASA Action Alert Issued
Tariffs on Chinese imports could lead to retaliation.
Compiled by staff
Published: Dec 2, 2010
The American Soybean Association has issued an "Action Alert" to its membership. Senators Sherrod Brown, D-Ohio, and Olympia Snowe, R-Maine, have called for a vote on House-passed currency bill H.R. 2378, the Currency Reform for Fair Trade Act, to be brought to the Senate floor. The ASA is asking its member to contact their Senators and urge them to vote NO on H.R. 2378, legislation that seeks to increase tariffs on imports from China.
According to ASA, H.R. 2378 could undermine the U.S.'s entire commercial relationship with China, the third largest export market for U.S. goods valued at $69.7 billion, and the top customer for U.S. soybeans valued at $9.5 billion. ASA says the bill is the wrong tool to incentivize China to move rapidly to modify its exchange policies. Rather, it would likely have the opposite effect of inviting retaliation against U.S. exports into the Chinese market.
ASA agrees with Congress and the Administration that China needs a market-determined exchange rate and that China should move rapidly towards this goal. ASA was part of a coalition that sent a letter to Senate leadership this week, encouraging a "no" vote on H.R. 2378, and is asking its members to contact their Senators with the same message.
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Tagged: ASA, soybeans, soybean, soybean association, American Soybean Association
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