Trade wars cost the U.S. producers $27 billion in trade losses

A report from the USDA's Economic Research Service highlights the economic impact of retaliatory tariffs on U.S. agriculture, with a focus on the trade war's effects from 2018 to 2019. The tariffs, primarily imposed by China, Canada, the European Union, Mexico, and Turkey, led to significant reductions in U.S. agricultural exports, most notably in soybeans, sorghum, and pork, with the Midwest experiencing the greatest losses. The reintroduction of the Phase One Agreement with China in 2020 slightly mitigated the losses, though the U.S. market share has not yet recovered to pre-retaliatory levels.

In a House Judiciary Antitrust subcommittee hearing, discussions were held on the reasons for high meat prices, with lawmakers and experts debating between market consolidation in the meat packing industry, failed policies, pandemic-related challenges, and record profits amidst rising prices. The hearing also touched on the potential for criminal charges for corporate executives engaged in cartel activity and the effects of market concentration on food supply and farmer livelihoods.

Further developments include Nigeria's approval for U.S. sausage imports, marking a milestone in trade relations between the two countries, as the U.S. National Pork Producers Council expresses optimism in access to Nigeria's market, the largest in Africa. This approval comes amidst ongoing discussions on trade policies, market dynamics, and the economic implications of these developments for both countries.