It's also worth noting that some of the damage will be permanent.
Trump's mini trade war with China in 2018 (for which he had to bail out farmers) led to US farmers permanently losing market share in soybean exports to Brazil.
> In 2018, during Trump's first term, the U.S. and China engaged in tit-for-tat tariffs that led Beijing to take permanent steps to reduce its reliance on American farm goods.
> The share of China's soybean imports from the United States dropped to 18% in the first 11 months of 2024, from 40% in the whole of 2016, while Brazil's share grew to 74% from 46%, according to Chinese customs data.
Trump's mini trade war with China in 2018 (for which he had to bail out farmers) led to US farmers permanently losing market share in soybean exports to Brazil.
> In 2018, during Trump's first term, the U.S. and China engaged in tit-for-tat tariffs that led Beijing to take permanent steps to reduce its reliance on American farm goods.
> The share of China's soybean imports from the United States dropped to 18% in the first 11 months of 2024, from 40% in the whole of 2016, while Brazil's share grew to 74% from 46%, according to Chinese customs data.
https://www.reuters.com/markets/commodities/chinese-buyers-s...