U.S. pig farmers are bracing for another round of steep tariffs this week from China and Mexico following President Trump’s decision to impose hefty tariffs on the two countries.
According to CNBC, some major U.S. pork producers fear they will lose a significant amount of money once China and Mexico implement the tariffs, forcing some to move their investments overseas.
China is expected to begin fetching a 25 percent tariff on U.S. pork imports on Friday. Mexico, which imposed a 10 percent tariff on pork imports last month, is expected to double its import tax to 20 percent on Thursday. CNBC reported that China’s taxes will exceed 70 percent when combined with previous import taxes.
“We put a halt on all investment, not just because we will be losing money, but because we don’t know if growing in the U.S. is the right move if we won’t be an exporting country,” Ken Maschhoff, chairman of Maschhoff Family Foods and co-owner of the nation’s biggest family-owned pork producer told CNBC.
Maschhoff told the outlet that the farm industry has been “asked to be good patriots.”
“We have been. But I don’t want to be the patriot who dies at the end of the war,” he continued. “If we go out of business, it’s tough to look at my kids and the 550 farm families that look us into the eye and our 1,400 employees.”
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US pig farmers say they’ll be the "casualty" of next round of retaliatory tariffs prompted by Trump https://t.co/PlDCKeX8lf pic.twitter.com/cZOkKxYZeU
— The Hill (@thehill) July 5, 2018
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