May 10, 2019
In the wake of increasing tariffs against Chinese goods, the Trump administration indicates that it is planning a trade relief package to aid those being heavily impacted by the ongoing U.S. trade dispute with China.
National Pork Producers Council President David Herring says in a statement, “U.S. pork has suffered from a disproportionate share of retaliation due to trade disputes with Mexico and China. This retaliation turned last year — which analysts had forecast to be profitable — into a very unprofitable time for U.S. pork producers. The financial pain continues; the 20% punitive tariff on pork exported to Mexico alone amounts to a whopping $12 loss per animal.”
Effective today, President Trump plans to raise the tariffs on $200 billion of Chinese goods from the current 10% to 25%. Also under consideration is placing a 25% tariff on an additional $325 billion on imports that currently are not covered.
Herring, a pork producer from Lillington, N.C., goes on to say, “While there is no substitute for resolving these trade disputes and getting back to normal trade, NPPC welcomes the offer of assistance from President Trump. We stand ready to work with the USDA to facilitate U.S. pork exports as food aid to a number of nations. This assistance should not cannibalize commercial trade. Rather, it should help people in need who otherwise would not have access to this high-quality U.S. protein.
“Pork producers have been innocent bystanders in these trade disputes. Unlike most of the population, they have suffered severe economic dislocations as a result of trade disputes. It is fair and right that the U.S. government purchase significant quantities of pork over the next 18 months to ship as food aid to help ease the financial burden placed on producers.”
Source: National Pork Producers Council, which is solely responsible for the information provided, and wholly owns the information. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.
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