Even after the various tariffs it put on soybeans and other farm products, China is still importing about $5 billion worth of US “food and animal products” annually, according to the Census Bureau. But now that’s ending:
The U.S. Farm Belt braced for deeper pain from the escalating trade battle between the world’s two biggest economies after China said it would suspend all imports of U.S. agricultural goods.
….China’s suspension of U.S. farm purchases is a “body blow” to U.S. farmers and ranchers, said Zippy Duvall, a Georgia farmer and head of the American Farm Bureau Federation. “We urge negotiators to redouble their efforts to arrive at an agreement, and quickly,” he said.
China really does appear to be the party at fault for blowing up negotiations earlier this year. Nonetheless, it’s pretty obvious that they have no intention of giving in to President Trump’s demands, and they’ve dedicated themselves to causing him as much electoral pain as they can. This trade war is going to be neither short nor easy to win.