Both China and the EU imposed tariffs on US corn in response to Trump's tariffs. In response, corn futures have fallen roughly 12% since the start of June as supply continues to grow.
China and Mexico, two of the three largest markets for US pork exports in 2017 according to the US Meat Export Federation, hit the US with tariffs in response to Trump's trade fights. According to Plate IQ, the backlog of US pork will result in a 2-3% price decrease for all pork products. As part of the decline, the price of bacon is expected to drop by 7.7% for the year.
"Mexico being the biggest customer for apple exports from the US has hit the US hard by imposing tariffs on apples," Plate IQ said. "China and India have also imposed tariffs on apples thus threatening the market."
The US stockpile of cheese has drawn a significant amount of attention over the past few months, as the backlog of cheese reached historic levels in June. This problem will be compounded by Mexico's tariffs on cheese since the country is the largest export market for US cheese per Plate IQ.
According to Plate IQ, Mexico's tariff on frozen french fries and other potato products from the US could cause a problem.
"With large stakes in the Mexican trade this commodity will be seeing a drop in prices — though the government has adopted relief measures to help farmers, a long term tension of this sort could permanently damage the potato industry," Plate IQ said.
Seafood is the only major category that Plate IQ tracked that would actually increase in price due to the tariffs. The reason, according to Plate IQ, is that a lot of American seafood is sent to China where it is processed and then sent back to the US.
So the tariffs are going to add an additional surcharge to the back-and-forth and increase prices.
Here's the breakdown for various popular types of seafood:
While the decline in agricultural prices is bad news for US farmers, the restaurants that buy those goods will get a big win from the drop off.
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