CNN: Farmers Enjoy Trade Surplus That Could be Wiped Out

American Farm Bureau Federation was quoted by CNN on the current trade situation and its impact on agriculture. “The US agriculture industry has long exported far more products than the nation has imported,” noted CNN. “Selling crops, nuts, meat and other goods abroad are vital part of the sector, with more than 20 percent of agricultural production sent abroad. That has led to a trade surplus, which totaled $20.3 billion in fiscal 2017 and is projected to grow to $22.5 billion in this fiscal year, according to the U.S. Department of Agriculture.”  

AFBF Economist Veronica Nigh explained how agriculture has been affected. “China has since added a 25 percent tariff to soybeans, on top of the existing 3 percent levy. Its tariffs on pork are now 70 percent, rather than the previous 20 percent,” said Nigh.