In Arkansas, officials confirm soybean exports to China have fallen to their lowest level since 2020, blamed on new U.S. tariffs. Soybean exports have fallen by roughly half from January to April of this year according to industry leaders.
In a panel discussion on tariffs in Arkansas this week, As Little Rock Public Radio reports, Arkansas farmer and Republican State Senator Blake Johnson criticized the tariffs. “Between 20 and 30% of the producers in the United States will be out if this don’t change between now and December.” Johnson criticized the tariffs, but not the president, and said he’s counting on proposed lower income tax rates to help make up for losses.
The nonprofit agency known as Farmers for Free Trade, held that panel discussion on Tuesday in North Little Rock as part of its national tour of panels. According to a report conducted by the group, tariffs on imports into Arkansas grew by 155% or $27 million, over the past year, as well.
Michael Pakko, Ph.D., is the chief economist and state economic forecaster at the Arkansas Economic Development Institute at the University of Arkansas at Little Rock, stated in the March 2025 edition of Arkansas Money and Politics, “I have to confess that I have no idea what to expect,” but added, “even if tariffs are modest and don’t disrupt world trade, the near-term impact will be higher prices.”
The president of the American Soybean Association, and soy farmer himself Caleb Ragland, released a statement in which he explained, “Farmers are frustrated. Tariffs are not something to take lightly and ‘have fun’ with.”
And according to the Yale Budget Lab, the average effective tariff rate for the U.S. is just under 16%. That figure represents the highest level since 1938.
