From the National Corn Growers Association:U.S. soybeans and corn are prime targets for tariffs. As such, a repeated tariff-based approach to addressing trade with China places a target on both U.S. soybeans and corn. U.S. corn exports to China fall about 2.2 million metric tons annually, an average decline of 84.3% from the baseline expectation. The U.S. loses a combined total of 2.3 to 3.7 million metric tons of soybean plus corn exports annually, while Brazil gains an average of 4.6 million metric tons of soybean plus corn exports annually. A 60% retaliatory tariff level intensifies the shock, resulting in a loss of over 25 million metric tons of soybean exports to China and nearly 90% of corn exports to China.

Source: Washington Post November 05, 2024 03:47 UTC