Bismarck, ND – North Dakota’s agriculture industry has concerns about new Chinese Tariffs. The tariffs heavily target pork, fruits and other commodities.
Monday morning, China announced tariff’s on 128 American products including 25% on pork and 15% on fruits and nuts. It is a big hit to U.S. farmers, although these are not top commodities in North Dakota.
“The consumer reaction to that and the worst of it to me is the ripple effect looking down the road,” ND Farm Bureau Director of Public Policy Pete Hanebutt said.
Even though North Dakota ranks 25th in pork production according to the USDA, the North Dakota Farm Bureau says our industries are still closely related.
“How that affects our soybeans and other things that would go into pork into other states, knowing that most of our grain production goes out of state and becomes feed for livestock somewhere else,” Hanebutt said.
stocks tumbled monday after the news broke. The DOW ended the day down almost 2%. The NASDAQ finished down close to 3%.
We spoke to an investor and he says, the tariffs are just a small part of that.
“The stock market has a lot of concerns right now. Facebook, google are down hard because of how they use people’s personal data. Amazon is in trouble because of how it’s using the subsidized U.S. postal service,” President of Heartland Investor Services Eugene Graner said.
And although the sharp drops recently can be scary, Graner says do not worry about your retirement plan.
“The stock market has made a large percentage move to the upside which means corrections can seem large when you are watching your money, but when your money has made large gains, there is always that correction factor that gets scary,” he said.
CNN reports President Trump is now planning more tariffs on China.