China Stops Import Of US Farm Produce
Wednesday, August 7th, 2019 | 323 Views
China firms have stopped the import of US agricultural products, following the US government’s announcement to impose new tariffs on around US$300 billion of Chinese goods. The China Ministry of Commerce also stated that the government may impose additional tariffs on US farm products.
China is the largest soybean consumer and with tariffs imposed by China, the export of US soybeans have drastically reduced, forcing the government to compensate farmers for two years, spending as much as $28 billion.
According to the American Farm Bureau, the country has imported US$9.1 billion of US farm produce in 2018—mainly soybean, dairy, sorghum and pork, a drop from US$19.5 billion in 2017.
This is “a body blow to thousands of farmers and ranchers who are already struggling to get by”, commented Zippy Duvall, President of the American Farm Bureau Federation.
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