The trade war between the U.S. and China is in full swing. Last week China slapped a 25-percent tariff on soybeans from the U.S. in retaliation for the Trump Administration's 34 billion dollars worth of tariffs on Chinese goods.
The tariff will affect the soybean industry the most as soybeans are the main crop the U.S. exports to China.
Western New York soybeans farmers are worried about prices as the industry has already taken a 20% hit. Cy Farms in Elba, New York harvests 950 acres of soybeans a year. Cy Farms co-owner Christian Yunker said he could lose up to $100,000 for the year on his soybean crops.
"As soon as there is talk about tariffs and trade war, agriculture ends up as the whipping boy," added Yunker, "It's painful right now for farmers. There are so many good producers around the world and I think this might hurt our market share as soy producers in the long run."
Soybeans are found in many consumer products like salad dressing, mayonnaise, and soy milk products. If one price in the process increases, there is a trickle effect all the way to the end product.
"Trade wars generally for the consumer are not a good thing, someone has to pay more, Yunker said. "There are all kinds of products that you can't even imagine that soy is in."
Cy Farms harvest a wide range of crops across 6,500 acres of Genesee, Orleans, and Monroe counties. The soybeans are just starting to bloom as the harvest starts in October.