USA, Washington. Chinese media reported that it was suspending the imposition of punitive tariffs on US pork imports.
National Pork Producers Council President David Herring, a pork producer from Lillington, N.C., commented on this situation: “If media reports are accurate, this is a most welcome development. The Chinese have placed punitive tariffs of 60% on most US pork products, bringing the effective tariff rate on most US pork to 72%.“
He further explained that according to Iowa State University economist Dermot Hayes, the Chinese retaliation on US pork has shaved $8 off the price of every hog sold in the United States for well over a year.
He added: “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 US pork producers is clear. US 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 US pork, but that it contributes to a resolution of US-China trade restrictions.”