Disaster: Beijing Warns US Farmers May Lose Chinese Market For Good

Zero Hedge | 6/4/2019 | Staff
TitanSwimr (Posted by) Level 3
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Han Jun, the Chinese vice-minister of agriculture and rural affairs, says American farmers risk losing the entire Chinese market in the deepening trade war, reported South China Morning Post.

The US began collecting 25% tariffs on $200 billion of Chinese goods arriving at all ports on Saturday morning in an intensification of the trade war. Earlier that morning, China also began collecting 25% tariff on $60 billion of American goods.

Jun - Retaliatory - Tariffs - Products - Warning

Jun said the retaliatory tariffs covered all American agricultural products, a warning that American farmers could lose significant market share in 2H19 and beyond.

"If the US doesn't lift all additional tariffs [levied on Chinese products], bilateral agricultural product trade between China and the US, including soybean trade, will never go back to normal," Jun told Xinhua news agency. "If the US loses China's market, it will be very difficult for the US to regain it."

Jun - Farm - Crisis - Midwestern - US

Jun spoke about the developing farm crisis in the Midwestern US but played down the impact of the trade war on the Chinese economy.

The agriculture official said President Trump's farm bailout(s) wouldn't be enough to cover the losses if American farmers were entirely shutout of...
(Excerpt) Read more at: Zero Hedge
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