Axios - U.S. farmers export more than $176 billion in agricultural products annually — almost 10% of which is just soybean and pork shipments to China. Losing even a fraction of those exports for the long term could be economically devastating.
In the week of April 11-17, net soybean sales were down 50% week over week, and down 25% versus the four-week average, according to USDA data released Thursday.
- Net pork sales were down 72% week on week, and 82% versus the four-week average.
- "This is directly related to the tariff situation — there's no doubt about it," Rob Dongoski, global lead for food and agribusiness at consultancy Kearney, tells Axios. "There's not some other magic behind-the-scenes thing going on."
In his first term, President Trump bailed out farmers when 2018 tariffs on China impacted exports.
- Those bailouts, collectively, ended up being so large that they almost equaled the tariff revenue generated. This trade war is orders of magnitude larger than the last one, but there's been no explicit relief for farmers — yet. MORE
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