Grassley critical of Trump administration approving Argentina currency swap without addressing soybean trade
WASHINGTON — Iowa Senator Chuck Grassley and many Iowa farmers are expressing frustration over the Trump administration last week finalizing a $20 billion currency swap with Argentina’s central bank, weeks after Chinese soybean buyers jumped at the opportunity to purchase from Argentina after the government cut the export tax on soybeans. China was once the top buyer of US soybeans, but stopped purchasing crops in May in response to Trump’s ongoing trade dispute.
Grassley says while the currency swap is a good thing both for the US and Argentina, the export tax cut should have been addressed. “Argentina taking their export tax off of their export of soybeans and the fiscal condition in that state, it seems to me that we should have been putting pressure on Argentina not to take the export tax off if they were going to get the help from us.”
Grassley says there are three things that the White House can do for soybean farmers. “He can finalize the proposed rules to increase RBOs, secondly reallocate 100% of small refinery exemptions, and maintain the half RINs for foreign feedstocks and fuels. These three policies under the Renewable Fuels Standard will help drive down demand for soybeans and it will help reduce some pressures to sell soybeans to China.”
Grassley says Trump should also call on Congress to enact legislation to pass bipartisan legislation that he’s sponsoring along with fellow Iowa Senator Joni Ernst and Minnesota Senator Amy Klobuchar to make year-round sales of E-15 permanent.
