Louis D. Johnston From crude oil to soybeans, international trade matters to Minnesota and its neighbors. Yet understanding whether changes in the prices of internationally traded goods and services help or hurt our regional economy is complicated. Trade policies that cause prices to rise will help some groups and hurt others, while falling prices would have the opposite effects.Let’s examine two recent events, rising oil prices and falling soybean prices, and examine how they affect us locally. The big takeaway is that there is no one set of trade policies that is “best” or that will help all Minnesotans or all Americans. Some groups gain, other groups lose, and their positions might be reversed under different circumstances....
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Low soybean prices are bad for Minnesota’s soybean farmers. But that doesn’t mean they’re bad for Minnesota’s economy overall