Agricultural products is one of America's largest exports, and China is one of America's largest export markets. Trump's Trade War and trade taxes are beginning to hurt in states that supported him in the last election.
U.S. Farmers Are Already Suffering From Lost Chinese Orders for Corn, Soybeans and Pork
The U.S.-China trade spat is cutting into the flow of soybeans, pork and other commodities from U.S. farms to one of the world’s biggest markets.
Since early April, when China announced tariffs on some U.S. agricultural goods and threatened to target others, Chinese importers have canceled purchases of corn and cut orders for pork while dramatically reducing new soybean purchases, according to U.S. Department of Agriculture data. Chinese importers’ new orders of sorghum, a grain used in animal feed, have dwindled while cancellations increased.
The chill in agricultural trade is sending jitters through the U.S. Farm Belt, which for years has dispatched farmers on trade missions to cultivate the Chinese market.
“As the summer persists and if nothing’s been resolved, it will start showing up as a pretty big hole in U.S. exports, ” said Soren Schroder, chief executive of Bunge Ltd., one of the world’s largest processors and traders of soybeans. ...
“If [the Chinese] market closes, it could be devastating for local communities across the Midwest,” Sen. Chuck Grassley (R., Iowa) said in a statement.
Since early April, when China announced tariffs on some U.S. agricultural goods and threatened to target others, Chinese importers have canceled purchases of corn and cut orders for pork while dramatically reducing new soybean purchases, according to U.S. Department of Agriculture data. Chinese importers’ new orders of sorghum, a grain used in animal feed, have dwindled while cancellations increased.
The chill in agricultural trade is sending jitters through the U.S. Farm Belt, which for years has dispatched farmers on trade missions to cultivate the Chinese market.
“As the summer persists and if nothing’s been resolved, it will start showing up as a pretty big hole in U.S. exports, ” said Soren Schroder, chief executive of Bunge Ltd., one of the world’s largest processors and traders of soybeans. ...
“If [the Chinese] market closes, it could be devastating for local communities across the Midwest,” Sen. Chuck Grassley (R., Iowa) said in a statement.
U.S. Farmers Are Already Suffering From Lost Chinese Orders for Corn, Soybeans and Pork