Trade war under Trump could inflict major losses on California agriculture, economists warn-Xinhua

[ad_1]

LOS ANGELES, Dec. 8 (Xinhua) -- Economists have warned that U.S. President-elect Donald Trump's proposed tariffs could trigger retaliatory measures, leading to significant losses for California's agriculture industry, The Los Angeles Times reported on Sunday.

A recent analysis, published by the University of California's Giannini Foundation of Agricultural Economics, examined potential scenarios involving tariffs and retaliation.

If a major trade war were to erupt, the report said, California's agricultural exports could decline by as much as 25 percent, resulting in annual losses of up to 6 billion U.S. dollars. California's agricultural sector generates billions of dollars from exporting products such as pistachios, wine, and other goods to countries including China, Mexico, and Canada.

The study also pointed to some of the most vulnerable commodities, including pistachios, dairy products, wine, and almonds, all of which are exported in large quantities to China. Researchers from the University of California, Davis, and North Dakota State University identified these products as especially at risk in the event of a trade war.

"The worst-case scenario is pretty bleak," Sandro Steinbach, director of North Dakota State University's Center for Agricultural Policy and Trade Studies was quoted as saying. "Basically, tariffs are harmful to U.S. agriculture, and to California agriculture in particular, because they will invite tariff retaliation."

If the Trump administration were to impose large tariffs in the most extreme scenario, retaliatory measures by other countries could have a ripple effect throughout California. This would impact everything from the vast almond orchards of the Central Valley to the small family-run vineyards scattered throughout the state's wine country.

"Rather than pursuing policies that invite global retaliatory measures, the United States should work toward more balanced trade agreements that protect domestic industries without sparking harmful trade wars," researchers noted.

"All countries involved in a trade war lose, and California agriculture simply cannot afford another trade war," they added. ■

[ad_1]

Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=675667efcb954ed1a86dbba8df93f0e1&url=http%3A%2F%2Fwww.chinaview.cn%2Fnorthamerica%2F20241209%2F32aba31c0e5f476f94eaf49e74a78175%2Fc.html&c=16165398772360833871&mkt=en-us Author : Publish date : 2024-12-08 14:38:00 Copyright for syndicated content belongs to the linked Source .

M	T	W	T	F	S	S
	1	2	3	4	5	6
7	8	9	10	11	12	13
14	15	16	17	18	19	20
21	22	23	24	25	26	27
28	29	30	31

Trade war under Trump could inflict major losses on California agriculture, economists warn-Xinhua

Alabama football’s College Football Playoff fate decided: Everything to know

Massacre in Haiti’s Capital Leaves Over 100 Dead, Rights Group Says

Massacre in Haiti’s Capital Leaves Over 100 Dead, Rights Group Says

Discover the Rich Tapestry of Aruba: Unveiling Its Government, Economy, Culture, and History!

Is Your Bahamasair Flight to the US at Risk? Here’s What You Should Know!

Trump Names Businessman Leandro Rizzuto Jr. as New Ambassador to the Organization of American States

Bolivia Erupts in Protest: A New Chapter in South America’s Unrest

Heartbreaking Stories: Non-American Irma Evacuees Denied Entry to the US Virgin Islands

Is America Ready to Throw the Ultimate 250th Birthday Bash?

Air Canada Launches Exciting Non-Stop Flights to Vibrant Latin American Destinations!

Discovering South America’s Stunning Climate and Geography: A Journey Through Its Majestic Altitudes and Diverse Landscapes

Trump’s Tactics: The Unseen Consequences of Bullying Latin America

Discover Paradise: American Airlines Unveils New Direct Flights to Costa Rica’s Liberia Airport!

Categories

Archives