The trade deal Trump signed with Japan last week is part of a strategy for helping farmers make up for lost exports to China as he wages a bruising tariff war with Beijing. Despite those efforts, the Chinese market is proving almost impossible to replace
The trade deal President Donald Trump signed with Japan last week is part of a patchwork strategy for helping farmers make up for lost exports to China as he wages a bruising tariff war with Beijing. Despite those efforts, the Chinese market is proving almost impossible to replace.
U.S. farmers spent decades cultivating customers in China, and the market dwarfs others with its sheer size and its potential for growth. The U.N.that China will account for 29 percent of the growth in global meat consumption alone through 2026. That’s more than North America, most of Europe, Australia, Chile, Japan, South Korea and others combined.
Soybean exports through July were down $5.5 billion from the previous year, a nearly 30 percent drop. Now farmers are planting 9 million fewer acres of the crop this year, or 10 percent less than 2018, according toEven pork producers, who count Japan as one of their most valuable markets, view the newly signed trade deal as helping them get back to even after Trump’s TPP exit.
Ted McKinney, undersecretary for trade and foreign agriculture, has touted the success of the trade delegations in laying the foundation for a more diversified export network. At a House Agriculture Committee hearing in June, he mentioned a 2018 visit to Guatemala, El Salvador and Honduras that set a record for agricultural sales resulting from a USDA-sponsored mission.
The National Pork Producers Council has estimated that the trade dispute with China is costing the industry more than $1 billion annually.
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