The US-China trade war caused a caustic corrosion for both US and Chinese economy in 2018, resulting in billions of dollars of losses, hitting industries including technologies, autos and agriculture. The tariff war between world’s two largest economies instigated pernicious pain for both, and in particular, US agricultural had been hit hurt, as several reports revealed the news of damaged agricultural products on the US fields, while the inventories had already been full.
More critically, the crucial US soybean industry had faced detrimental impact and both economies lost about $2.9 billion due to Beijing’s tariff hike on US Soybean, an agricultural economist, Wally Tyner mentioned. Since the enforcement of tariff hike, China had been importing Soybean from Brazil and in North Dakota alone, the US soy farmers faced at least $280 million in losses due to Beijing’s tariff hike.
However, on mid-December, China had made their return in to the US Soybean industry, and there had been talks of two separate Soy shipments, yet amid US partial government shutdown, the fates of Soy shipments remained unclear.
Apart from the agricultural industry, the US and Chinese auto manufacturers are facing terrible challenges over the red-lighted tariff hike and General Motor Co. decided to stop production on five of their North American Plants and to cut 15,000 jobs. On the flipside, the Chinese auto makers had also found trimming productions and deserting manufacturing plants as well.