Midwest soybean farmers brace for impact of trade war

09 July, 2018, 05:34 | Author: Jason Torres
  • As U.S.-China tit-for-tat tariffs approach here's what could happen

And those caught in the initial line of fire - US farmers facing tariffs on their exports to China, for instance - are already hunkered down.

That hurts USA soybean farmers and could also have an impact on makers of farm equipment, such as Deere & Co, whose stock has fallen 11.7 percent over the past month.

"Soybeans are the top agriculture export for the United States, and China is the top market for purchasing those exports", Heisdorffer said in a statement. "The math is simple".

US customs officials will begin collecting an additional 25 percent tariff on imports from China of goods ranging from farming plows to semiconductors and airplane parts.

China's tariffs on hundreds of U.S. goods include top exports such as soybeans and cotton.

"I've watched for too many years. how we always end up taking the brunt of most trade deals", he said.

Importers of Chinese goods will have a hard time, as they will have to go elsewhere to source products, the prices of which may have already gone up.

The administration started imposing tariffs at 12:01 a.m.

China is expected to match the move with a 25 percent levy on USA goods to the same value on the same day.

What's worse is that the Trump administration has paved no way out of this situation, said Matthew Gold, former deputy assistant US trade representative for North America.

"They need a lot of it, we have a lot of it, so hopefully everyone comes to their senses", he said.

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"You have to put all of this into context", Castaneda said in an email.

"Clearly the first salvos have been exchanged and in that sense, the trade war has started", said Louis Kuijs, chief Asia economist at Oxford Economics.

Meanwhile, China has lodged a case with the World Trade Organisation (WTO) against the United States, according to the country's commerce ministry. Many businesses count China as a major export destination, but the retaliatory tariffs placed by the Chinese government on USA products will similarly increase prices in China and hurt sales.

Wansleben said the USA move "is not about economic issues, it's about ideology and politics and it's about the (U.S. mid-term) elections in November".

Despite the market's gains on Friday, much damage has already been inflicted on stocks that would stand to lose in a protracted trade battle with China.

A wine merchant in Shanghai, one of the country's busiest trading hubs, said customs brokers were also slowing the clearance process because of confusion about how and when to implement duties.

Apart from China, Trump has also locked into trade battles with U.S. allies Canada, Mexico, EU and Japan and as well as with Russian Federation and India. And most U.S. cars sold in China are made at plants located in China, so they're immune to tariffs.

After months of threats between the two countries, Friday's tariffs are the first to actually go into effect, said North Dakota Trade Office Executive Director Simon Wilson.

Other US industries that were hit with export taxes include meats, fruit and vegetable growers, dairy farmers, tabacco, pet products, and seafood.

The retaliatory tariffs from China will fall especially hard affecting more than 25% of a county's economy-in almost 20% of the counties that voted for President Donald Trump in 2016, affecting eight million people mostly in agricultural, manufacturing and technology sectors, The Wall Street Journal reported.

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