Liberal Forum

jerrab » 14 minutes ago » wrote: ↑

14 minutes ago

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Indeed, soybean farmers were one of the biggest victims of Trump’s costly trade policies in his first term. Following retaliatory Chinese tariffs on American soybeans, exports to the soybean farmers’ largest foreign market dropped by 77 percent, according to the US Department of Agriculture. Of the $27 billion in total reduced US agriculture exports from mid-2018 to the end of 2019, soybeans represented 71 percent of the lost value.While US soybean exports to China rebounded with a 2020 agreement between the two countries, American farmers’ share of the Chinese market has not recovered to pre-trade war levels. One reason is that Chinese importers can turn to Brazil and other countries.With Trump back in the White House and his trade actions even more erratic and belligerent, foreign importers of US goods are seeking more dependable alternatives. Soybeans are just an example. Chinese importers are looking to South America as an alternative for chicken and pork and may turn to Australia for sorghum, barley, and wheat. It’s also not just Chinese importers.