University of California economists estimate U.S. exporters of 10 fruits and nuts to China and other markets could see a loss of $2.64 billion a year due to new tariffs — and up to $3.34 billion a year when the potential effect on other markets is considered.
Daniel Sumner and Tristan Hanon, of the Agricultural Issues Center and Department of Agricultural and Resource Economics at UC-Davis, recently released the study in the wake of increasing tariffs levied by the U.S. and China on various products they trade. Many U.S. items seeing new tariffs are agricultural.
According to the researchers, these are the commodities facing new tariffs in China, Mexico, India and Turkey, and estimated revenue loss in a year due to tariffs in those countries:
- Almonds, -$1.58 billion
- Apples, -$419 million
- Pistachios, -$384 million
- Walnuts, -$315 million
- Pecans, -$224 million
- Sweet cherries, -$160 million
- Oranges, -$133, million
- Table grapes, -$86 million
- Raisins, -26 million
- Sour cherries, -11 million
The study became news as U.S. Department of Agriculture Secretary Sonny Perdue visited ag operations in California’s Central Valley early in the week of Aug. 13.
Farmers for Free Trade, which has been critical of Trump administration trade policies and their effect on U.S. farmers, said the study underscores how policies are harming farmers.
“The trade war comes with a steep price for farmers in California and across the country,” Farmers for Free Trade Executive Director Brian Kuehl said in a news release. “Producers and growers have spent years cultivating markets for commodity exports, only to see foreign competitors capture those markets overnight. Tariffs hurt American farmers by depressing prices and taking away their ability to compete.”