U.S.-China Trade Tensions Cost Farmers $2 Billion

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 said 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% lower than the previous year.

U.S. Ag exports to South Asia, the European Union, and Central America climbed by 43%, 39%, and 24% respectively.  However, U.S. gains didn’t get high enough to offset the losses in the Chinese market.

Tariffs Remain Between U.S. And China

Both the U.S. and China reduced tariffs as part of a deal negotiated in Switzerland.  However, the U.S. preserved a baseline 10% tariff on Chinese products and a 20% tariff applied over China’s role in the fentanyl crisis.  Beijing has a 10% tariff in place.

Click Here to read the entire North Dakota State University study.

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