Farmers hit by Trump’s tariffs
The trade war US President Donald Trump waged on China does not seem to be what hed hoped for after Beijing hit back with retaliatory tariffs on one of Americas most important industries, the farming industry. China annually buys roughly one-third of the entire US soybean crop, plus significant portions of cotton and corn production.
The United States exported $138 billion in agriculture products in 2017. That includes $21.5 billion of soybeans, the most valuable US export. China alone imported $12.3 billion in soybeans. Thats about 60% of all US soybean exports. But that was then; since Trump escalated the trade war with China in the summer, US farmers have suffered more than a billion dollars in profits. China has basically stopped purchases since Trump introduced tariffs on the country.
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