Friday morning, Chinese media reported that it was suspending the imposition of punitive tariffs on U.S. pork imports. The following is a statement from National Pork Producers Council President David Herring, a pork producer from Lillington, N.C.:
“If media reports are accurate, this is a most welcome development. The Chinese have placed punitive tariffs of 60% on most U.S. pork products, bringing the effective tariff rate on most U.S. pork to 72%.
“According to Iowa State University economist Dermot Hayes, the Chinese retaliation on U.S. pork has shaved $8 off the price of every hog sold in the United States for well over a year. Most of our competitors face only a 12% tariff on their pork exports to China. Pork is somewhat unique given that it is the most important protein consumed in China, accounting for a significant part of the consumer price index.
“Additionally, pork is in short supply in China because African swine fever has ravaged the Chinese hog herd and significantly reduced the production of pork. When you consider that China is the largest producer and consumer of pork in the world, the importance of this market to U.S. pork producers is clear. U.S. pork exports could single handedly make a huge dent in the trade imbalance with China. We are hopeful that this apparent gesture of goodwill by China leads not only to more sales of U.S. pork, but that it contributes to a resolution of U.S.-China trade restrictions.”
Fischer Statement on Suspension of Further Chinese Tariffs on Soybeans and Pork
U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Agriculture Committee, released the following statement today after China announced it will suspend tariff hikes on U.S. soybeans and pork:
“It’s good to see recent purchases of U.S. agricultural goods and this morning’s announcement that China will not be adding additional tariffs for U.S. imports of soybeans and pork. This is positive news for Nebraska’s farmers and producers. However, our producers still face significant trade uncertainties. I will continue to push for passage of USMCA, which will bring more opportunities to our state.”