United States and China tensions and the resulting tariffs cost U.S. farmers $2 billion in lost exports this year.
A new study from North Dakota State University’s Center for Agricultural Policy and Trade Studies says the lost sales to China far surpass modest gains elsewhere. From January to April, agricultural exports to China contracted by over $5 billion, leaving export volumes up to 55 percent lower than the previous year.
U.S. ag exports to South Asia, the European Union, and Central America climbed by 43, 39, and 24 percent, respectively. However, U.S. gains didn’t get high enough to offset the losses in the Chinese market.
Both countries reduced tariffs as part of a deal negotiated in Switzerland. Still, the U.S. preserved a baseline ten percent tariff on Chinese products and a 20 percent tariff applied over China’s role in the fentanyl crisis. Beijing has a ten percent tariff in place.
CLICK HERE to read the full study.
Source: NAFB News Service
