Retaliatory Tariffs a ‘Net Negative’ for Agriculture, AFBF Economist Tells CNBC

China’s newly announced retaliatory tariffs on more than 5,000 U.S. products, most of them farm and ranch goods, are a “net negative” for agriculture, Michael Nepveux, AFBF economist, told CNBC in an interview.

With the focus now on a new round of retaliatory tariffs, many people are missing the true extent of the trade struggle for U.S. farmers and ranchers, according to Nepveux. “Ag has been fighting this battle for pretty much a year at this point,” he said, noting that China implemented particularly crushing tariffs on soybeans and other U.S. agricultural products last summer.

Beyond soybeans, China’s losses due to African Swine Fever should have been U.S. pork farmers’ gain, but the Chinese tariffs make U.S. pork very unappetizing for Chinese importers, Nepveux also told CNBC.