United States and China tensions and the resulting tariffs have so far, cost U.S. farmers $2 billion in lost exports this year.
A new study from North Dakota State University’s Center for Agricultural Policy and Trade Studies says the lost sales to China far surpass modest gains elsewhere.
But U.S. ag exports to South Asia, the European Union, and Central America climbed by 43, 39, and 24%, respectively.
However, U.S. gains didn’t get high enough to offset the losses in the Chinese market.
Both countries reduced tariffs as part of a deal negotiated in Switzerland.
However, the U.S. preserved a baseline 10% tariff on Chinese products and a 20% tariff applied over China’s role in the fentanyl crisis.
Beijing has a 10% tariff in place.
