Dermot Hayes, professor, was interviewed for a story on China's proposed trade tariffs in an April 17 story in The Daily Iowan.
“The Great Depression in the 1920s and ’30s in this country was caused in part by a trade war,” Hayes said. “The U.S. imposed duties, and then other countries imposed duties on products, and it escalated — my immediate concern was history repeating itself.”
If China did enact tariffs, Hayes said, he thinks the U.S. would continue to ship soybeans to China, but the U.S. would have to make up for it. Either Chinese prices would have to go up, he said, or U.S. prices would have to fall — or a combination of both.
Read The Daily Iowan story.
Hayes was also quoted in an April 13 China Daily story about the impact on Midwest farmers of China's possible 25 percent tariff.