Smart. This is a pretty big deal and a pretty big change from 2017.
From Reuters, November 12/13:
Since the U.S. and China imposed tit-for-tat tariffs in their trade war during Donald Trump's first presidential term, Beijing has taken steps to reduce its reliance on American farm goods in a wider effort to bolster its food security.
That has put China in a better position to withstand tariffs of at least 60% on Chinese imports threatened by Trump, set to return to the White House in January, raising the prospect of Chinese retaliation again targeted at U.S. agricultural goods.In his first term, Trump slapped duties on $370 billion worth of Chinese goods. Beijing retaliated with tariffs of up to 25% on over $100 billion worth of U.S. products, targeting soybeans, beef, pork, wheat, corn and sorghum.In the years since, the share of China's soybean imports from the U.S. - the top American export to China - has dropped to 18% in 2024 from 40% in 2016, according to Chinese customs data, as China has turned instead to imports from Brazil, which has also replaced the U.S. as China's top corn supplier.China's agriculture imports from the U.S. declined to $34 billion in 2023 from $43 billion in 2022, and are expected to drop further this year, according to Chinese customs data....
....MUCH MORE
The U.S. should maybe take the cue and wean itself off Chinese-manufactured medical products and pharmaceuticals to start.
