Trade War Seen Costing U.S. Pork Producers $1 Billion
U.S. Pork Producers Lose $1 Billion in Trade Wars, Group Says
(Bloomberg) -- U.S. pork producers are losing $1 billion annually because of the Trump administration’s trade war with China, said David Herring, an industry association official.
Herring, president of the National Pork Producers Council, told a House Agriculture subcommittee on Tuesday that retaliatory tariffs imposed by China and other countries are “one of the most damaging threats” to his industry. The dispute with the Asian nation has cost producers $8 per animal annually.
“This year, the average hog farmer is making a very small profit through the first six months of the year,” Herring said. “Those small profits would be much higher were it not for trade retaliation from China.”
To contact the reporter on this story: Mike Dorning in Washington at mdorning@bloomberg.net
To contact the editors responsible for this story: Millie Munshi at mmunshi@bloomberg.net, Patrick McKiernan
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