Would Smithfield Foods Be Required to Pay Chinese Tariffs?

Soybean and pork markets were lower on Friday after China placed tariffs on $3 billion in U.S. imports that make up a list of 128 items.

China plans on placing a 25 percent tax on U.S. pork shipped into China, which is the world’s largest pork producer and the number two buyer of U.S. pork.

One of the most interesting aspects of this tariff involves Smithfield Foods, a Chinese-owned pork producer based in Virginia.

Steve Meyer, economist for Kerns and Associates, speaks to AgDay if Smithfield will be excluded from the tariff.