Thanks to Trump, you’ll pay less for bacon — but farmers are out $800M
Escalating global trade is wreaking havoc on U.S. agriculture.
The U.S. hog industry is predicted to lose $800 million by next year.
President Donald Trump is scheduled to meet with China’s president to negotiate a trade war truce next month.
President Donald Trump’s trade war has made a pigsty out of the hog industry. The tit-for-tat global trade war, which started earlier this year, has now reached a fever pitch and pork farmers’ profits are getting slaughtered.
In a retaliatory move to Trump’s imposed tariffs on steel and aluminum, China and Mexico slapped tariffs on U.S. agricultural imports like pork and soybeans. After U.S. farmers — including many who helped elect Trump — were among the groups hit hardest by the tariffs, the agricultural deficit prompted the Trump administration to provide a $12 billion emergency boon to industry farmers in July. Critics from both parties considered the aid package to be an ill-conceived and nonstrategic move with no end game.
RELATED: Take a look at all the tariffs directly impacted by Trump's trade war:
Hog Farmers to Lose $800M Due to the Trade War
As tensions have escalated, hog farmers in America’s heartland have lost $18 per head. That might not sound like a lot of money, but when multiplied by the entire U.S. hog industry, that equates to roughly $800 million in total revenue lost from August 2018 to July 2019, as predicted by Iowa State University economists.
More Losses: Trump’s Tariffs Are Killing More Than 450,000 Jobs
The fallout currently experienced by farmers is unfortunately likely to extend to other industries as the trade war wages. As a result of the Trump tariffs imposed on other countries, the U.S.’s long-term reputation as a reliable trade partner has been tarnished.
Check Out: 10 Times Tariffs Didn’t Work
A November meeting is scheduled between Trump and President Xi Jinping of China, according to Bloomberg. In advance of the trade war negotiations, sources close to the matter told Bloomberg that Trump is prepared to raise tariffs on all remaining Chinese imports by early December if a resolution is not agreed upon.
Click through to see which states are getting hit hardest by Trump’s tariffs.M
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