GOP Arkansas Gov. Asa Hutchinson urges a quick resolution for the sake of the nearly 48,000 family owned farms in his state.
Republican Arkansas Gov. Asa Hutchinson told CNBC on Monday that he gives “confidence and latitude” to President Donald Trump in the China trade war but urges a quick resolution for the sake of the nearly 48,000 family owned farms in his state.
“I continue to support the president,“ Hutchinson said. “But we feel it’s appropriate to say there is a point that you should not squeeze us further.”
The United States and China exchanged $34 billion worth of tariffs on Friday. American farmers are among the hardest hit by China’s 25 percent retaliatory duties on everything from meats and dairy to fruits and vegetables to rice and soybeans.
Agriculture is the No. 1 industry in Arkansas, adding $16 billion per year to the state’s $124 billion economy. Soybeans are Arkansas’ top export to the tune of about $850 million annually.
„With a 25 percent tariff [on soybeans] that’ll be likely to be reduced by two-thirds,“ Hutchinson said on “ Squawk Box .“ „Farmers are always the first casualty in a trade war.“ Soybean futures prices have been under pressure recently.
Hutchinson said a compromise would mutually benefit both the U. S. and China.
