Virginia’s U.S. Senators Mark R. Warner and Tim Kaine released the following statement after President Trump imposed a 25 percent tariff on $200 billion worth of Chinese exports. In retaliation Monday, China announced that it is raising tariffs on $60 billion of U.S. products beginning on June 1.
“It’s been more than a year since President Trump first launched a haphazard, ill-planned trade war with China that raised taxes on a number of Virginia commodities. The escalation means continued uncertainty for Virginia’s soybean farmers, who continue to brace for the worst every time the word ‘tariffs’ is said in the Oval Office. With the Trump Administration slapping China with additional tariffs and China planning to hit the U.S. right back, there seems to be no solution in sight,” said the senators. “It’s one thing to be tough on China’s unfair and illegal trade practices, but the longer this disastrous lack of a strategy continues, the more it’ll cost and the more of an impact it will have on Virginians’ bank accounts.”
Senators Warner and Kaine raised concerns about how President Trump’s ongoing trade war could hurt Virginia businesses and families. According to the Virginia Department of Agriculture and Consumer Services, China is Virginia’s number one agricultural export market for soybeans. In 2018, Virginia exported more than $58 million soybean products to China – an 83 percent decrease from 2017.