Posted on 07/04/2018 11:23:56 AM PDT by Poison Pill
U.S. pork producers are about to be bitten by a second batch of hefty retaliatory tariffs from China and Mexico — and that has some large producers predicting they could lose big money and be forced to invest overseas.
Executives say the pork industry has been expanding in recent years, in part on the expectation of export opportunities that would continue to support growth. However, the threat of a trade war is adding uncertainty and driving fear.
"We put a halt on all investment, not just because we will be losing money, but because we don't know if growing in the U.S. is the right move if we won't be an exporting country," said Ken Maschhoff, chairman of Maschhoff Family Foods and co-owner of the nation's largest family-owned pork producer.
Maschhoff said the farm industry has been "asked to be good patriots. We have been. But I don't want to be the patriot who dies at the end of the war. If we go out of business, it's tough to look at my kids and the 550 farm families that look us into the eye and our 1,400 employees."
Mexico imposed a 10 percent tariff on chilled and frozen pork muscle cuts effective June 5, and that import tax is set to double to 20 percent on Thursday.
China, meantime, is scheduled to start collecting an additional 25 percent import duty Friday on American pork products as it targets $34 billion worth of U.S. goods in response to President Donald Trump's action against Beijing for alleged intellectual property theft.
China also is set to add tariffs this week on U.S. soybeans, corn, wheat, cotton, whiskey and dairy, as well as U.S. autos. Nearly $20 billion in U.S. agricultural exports went to China last year.
(Excerpt) Read more at cnbc.com ...
Wouldn’t be surprised if China is being advised by the Chamber of Commerce
Acts of War against America.
I would be surprised if they weren’t. The CoC is an enemy of normal Americans.
Didn’t China already buy the largest pork producer Smithfield? They are tariffing themselves.
“Alleged IP theft”?
Seriously? Alleged?
Bingo!
Acts of Trade War. But they are destined to lose since they have large trade surpluses with us.
Further, Trump has been nothing short of amazing for the economy, and has earned our trust on this one. The tariffs could just be a negotiation tool. The might be gone tomorrow.
Seems this should lead, at least in the short term, to lower pork prices for us here in the US...
Now if they’d only bring back the delicious heritage breeds instead of this lean, dry crap.
I have two racks of pork ribs on the Traeger right now so I am helping in my own small way.
The result of those 550 farm families liquidating stock to stay afloat. Bon Apetit!
This is REALLY all you've got for a hitpiece on President Trump today?
"China and Mexico are gonna cut the noses off their citizens to spite their face."
Food prices for pork in China and Mexico are going to jump sharply - and pork is a big source of meat for BOTH countries.
The consumers there are going to go from gruntled to DISgruntled in nothing flat.
That, of course, would be assuming that the tariffs stay. It also assumes that the pork market will collapse under these tariffs. last I checked, the Chinese like their pork.
I read somewhere recently that Chinese pork dumplings are the largest consumers of boneless inverted pork rectums.
Hey Maschhoff, do you really think those 550 hog farmers are going to dry up and blow away because you don’t want to cut your margins and sell American produced hogs, right here in the US??? Do you think the US consumer doesn’t know what the Chicoms’ had in mind when they purchased Smithfield? Think melamine in your bacon,, dude, and stop whimpering.
Maybe we should be trying to sell pork in Palestine.
(That’s a joke, folks. NOBODY in Palestine is going to buy pork.)
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