NPPC Welcomes Reports China will Suspend Its Imposition of Punitive Tariffs on U.S. Pork ImportsFri, 13 Sep 2019 10:46:44 CDT
This 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."
Source - National Pork Producers Council
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