Everybody knows (except Trump evidently) that everyone loses in a trade war.
How is this going to sit with Trump-supporting farmers?
Once China switches to other suppliers (like Russia, the country run by Trump’s BFF – see the second article below), our farmers may never win back this massive and crucial market. China’s ban includes all agricultural products, not just soybeans, but also all other grains, pork, beef, etc., etc. Trump is trashing one of our strongest and most vital industries. He is systematically pulverizing America’s heartland.
China’s Commerce Ministry said on Tuesday that Chinese companies have stopped buying U.S. agricultural products, and that China will not rule out imposing import tariffs on U.S. farm products that were bought after Aug. 3.
The moves by China represent the latest escalation in its trade row with the United States, and comes after China let the yuan weaken past the key 7-per-dollar level on Monday for the first time in more than a decade.
China is the world’s top buyer of soybeans, the most valuable U.S. export crop. The Trump administration has announced plans to spend up to $28 billion compensating U.S. farmers, a key Trump constituency, for lost income from trade disputes.
“Related Chinese companies have suspended purchases of U.S. agricultural products,” China’s Ministry of Commerce said in an online statement posted shortly after midnight in Beijing on Tuesday.
The National Pork Producers Council said in an e-mail in response to the commerce ministry statement it continued to reiterate the importance of ending the trade dispute with China so U.S. pork producers can get back to competitive access.
China has approved wheat imports from the Russian region of Kurgan, the Chinese customs office said on Friday, bringing Russia a step closer to its goal of dramatically increasing grain exports.
It also approved soybean imports from all parts of Russia, the General Administration of Customs said in a separate statement on its website, having all but halted U.S. soy imports as the trade dispute between Beijing and Washington deepened.