The U.S.-China trade war is not the only weight bearing on farm trade as China has suffered from a swine fever epidemic, forcing it to import more swine and causing worldwide meat prices to rise, The Wall Street Journal reported.
"It will affect all the proteins," according to Tyson Foods Inc. Chief Executive Noel White at a May 15 conference in New York, per the report. "We're already seeing that effect — prices are moving higher."
U.S. farmers and processors produced a record 26.3 billion pounds of meat last year, but an estimated 33% more meat imported by China this year vs. last will stress the market and prices, according to the report.
China stands to lose 200 million hogs to African swine fever, which is harmless to humans but deadly for pigs, which far exceeds the 125 million pigs slaughtered in the U.S. in 2018, according to the Journal.
U.S. fast food restaurants like Wendy's, McDonald's, Burger King, and Dunkin Donuts expect to be impacted, per the report.
© 2023 Newsmax. All rights reserved.