China Is Cutting Tariffs — For Everyone Else
Share
[aggregation-styles]
The Atlantic
The Atlantic
Lobster is Maine’s top export. Like many Americans with something to sell, Maine’s trappers benefited from positive turns in China’s economic development. The movement of tens of millions of people out of poverty and into the middle class increased demand for a source of protein — and a Chinese New Year delicacy — that Maine could happily provide.
Yet in the wake of President Donald Trump’s trade war, American lobster sales to China have decreased by 70 percent. China’s 25 percent retaliatory tariff on American lobster was only the start. Beijing has actively helped Chinese grocers and restaurants by also reducing the costs of their finding new, non-American suppliers. It has cut the Chinese tariff on lobster bought from Canada, Maine’s fierce rival in the lobster business. As a result, Canada has seen its lobster exports to China nearly double. Maine may never recover its previously dominant position in this export market.
Yet in the wake of President Donald Trump’s trade war, American lobster sales to China have decreased by 70 percent. China’s 25 percent retaliatory tariff on American lobster was only the start. Beijing has actively helped Chinese grocers and restaurants by also reducing the costs of their finding new, non-American suppliers. It has cut the Chinese tariff on lobster bought from Canada, Maine’s fierce rival in the lobster business. As a result, Canada has seen its lobster exports to China nearly double. Maine may never recover its previously dominant position in this export market.
By Chad P. Brown | 18 June 2019
RELATED TOPICS:
Sweet Lola on the Mend, Ready for a Forever Home
Animals /
20 hours ago
Clovis Daytime Burglary: 2 Suspects Arrested, 1 at Large
Crime /
1 day ago
Trump Stalled California Wildfire Aid? Ex-Aide Reveals Political Motive
Politics /
1 day ago
Russia Urges Citizens to Leave Israel as Tensions with Hezbollah Escalate
Russia has advised its citizens to leave Israel amid rising tensions with Hezbollah and Iran, reports Newsweek.
Moscow’s ambassador to...
World /
16 hours ago
Categories
Latest
Videos
World /
16 hours ago
Russia Urges Citizens to Leave Israel as Tensions with Hezbollah Escalate
Economy /
19 hours ago
Taxpayers in 24 States Will Be Able to File Their Returns Directly With the IRS in 2025
Business /
19 hours ago
California Collects Millions in Stolen Wages, but Can’t Find Many Workers to Pay Them
Animals /
20 hours ago