There might be any day in America where the media does not show bad news regarding the market calamity which has been caused due to the trade war of the United States with China. This is all because the majority of the imported products from the US have been boycotted by China has in retaliation to the tariffs imposed by America against Chinese imports.
The main reason why the United States ag commodities are targeted is that it is the leading category of all United States exports to China. Also, it hurts Donald Trump’s most loyal followers, that being a totalitarian state China does not have to make use of high tariffs for keeping out the US imports, the entities which are somehow linked with such importation are just told by the government to just stop buying from the United States.
However, this is being done in a cunning manner as the Chinese ensure that they can replace the imports from the United States with similar products from other nations. Take the example of the importation of American lobsters, which is much favored by the Chinese elite, was banned, however, were replace by more lobsters from the Canadian Maritimes. In another case, critical United States soybean imports were replaced by imports from Argentina and Brazil. There is still import of wheat is from Australia and Canada. Fascinatingly, due to the world market disruption, as well as, the buildup of surpluses caused by the trade war, China is benefitting from the majority of these imports at bargain prices.
It is known that the Chinese have boycotted most of the United States food exports from apples, beef, almonds, walnuts, to pork, etc. Apparently, the Chinese seem to be wanting to spread the pain to almost every sector of US agriculture for getting the attention of the President.