A ChinaThe largest pork consumer in the world, is no longer an applicable market for the main pork processor for USA, Smithfeld FoodsBecause of the revenge rates from BeijingThe company’s executives said on Tuesday (29).
The turmoil explains how Customs tariff warTo which a president led to USAand Donald Trumpand Changing global trade And forcing changes in the food company.
A China Increased product import rates from USA This month, a decision reaction Trump To collect Higher rates.
Additional definitions for Beijing Raise the actual tax rate for China About pork USA to 172 %According to industry data.
“Since China is no longer available, we have had to change the course of our business,” Smithfeld, CEO of Smithfield, said at a dimension conference.
A SmithfieldWhich opened the capital in January, recorded an increase in 9.5 % In total sales 3.77 billion US dollars In the first quarter, closed on March 30. Analysts expected 3.62 billion US dollarsAccording to data from Lseg.
China is near 3 % sales SmithfieldSmith said. The company said that it sends pig children to China, such as stomach, hearts and pork heads, which consumers do not usually eat.
“Although it is important, we think we have other options,” he said on Tuesday.
The United States exported it $ 1.1 billion In pig products for China Em 2024, According to US government data.
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