Impact of Chinese Retaliation on Pork May Be Larger Than First Thought
The Congressional Research Service, in a recent report, noted that the Chinese decision to raise tariffs on U.S. pork from 12 percent to 37 percent may be more significant than first reported. The U.S. Meat Export Federation has identified more…
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than $1 billion in pork exports in 2017, because there is a large amount of U.S. pork that goes to Hong Kong. The trade association said a significant volume of the Hong Kong pork is then sent on to China. "Whether these transshipments of pork will be affected by the tariffs is uncertain," agricultural analyst Jenny Hopkinson wrote. Pork is by far the largest agricultural product on the list of $3 billion in goods that were hit with new tariffs on April 2 (see 1804020009). But even smaller volume targets, such as wine, can have significant impact for those producers. The report noted that Chinese purchases of wine accounted for 5 percent of all wine exports.