'The growing risk is that much of the market share abroad that U.S. agribusiness is losing to foreign competitors will be hard, if not impossible, to win back -- even if current trade conflicts are resolved to the U.S. government's satisfaction.'
President Donald Trump's trade war with China could cause long-term damage to U.S. farmers, as producers from other countries establish relationships with Chinese importers and take over more of the country's markets.
A report from the Boston Consulting Group, released on Wednesday, warned that Trump's trade policies could hurt the agricultural industry far beyond the end of the tariff war. "The growing risk is that much of the market share abroad that U.S. agribusiness is losing to foreign competitors will be hard, if not impossible, to win back -- even if current trade conflicts are resolved to the U.S.
The report lends credence to the concerns of some farm groups, like the Illinois Farm Bureau, which has been warning that Trump's trade policies are eroding old relationships with Chinese importers and could cause damage that persists even after the conflict is resolved.
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