Following implementation day of President Trump’s tariffs on China, the nation responded quickly to retaliate with previously threatened penalties on U.S. pork, beef, soybeans and automobiles.
Meat industry publication Meatingplace reports China says Trump has “violated World Trade Organization rules and launched the largest trade war in economic history to date.” The first wave of tariffs was imposed Friday, which includes a 25 percent tariff on $34 billion worth of Chinese products. The tariffs are expected to be followed by an additional wave on $16 billion of Chinese goods within the month.
Nearly 70 percent of U.S. agricultural exports are sold to destinations that are in active negotiations or embroiled in trade disputes, according to CoBank. A CoBank spokesperson says: “Trade concerns pose the single greatest risk to the projected global economic growth of three to four percent.”
From the National Association of Farm Broadcasting News Service.