China’s latest tariff hike on $60 billion worth of U.S. goods hits farmers at “every single angle,” according to an economist at the American Farm Bureau Federation.
The retaliatory tariffs placed on U.S. farmers from China are a net negative on the industry,
Michael Nepveux told CNBC’s “Squawk Box Asia” on Tuesday.
Ongoing U.S.-China trade tensions further escalated Monday when Beijing announced that it would raise tariffs to as high as 25% on more than 5,000 U.S. products starting June 1. The new Chinese duties target a wide range of agricultural products, and U.S. farmers are set to be hardest hit.
This is a “very, very challenging time for farmers right now,” said Nepveux, especially since Beijing’s tariffs come after March’s historic floods in the Midwest ruined farmers’ crops and stockpiles.Read More
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