USMEF says Mexico's retalitory tariffs could cost $1billion

The loss of market share in Mexico, the top foreign market for U.S. pork, as a result of its retaliatory tariffs will lower the value of U.S. pork because products that will not go to Mexico would be absorbed by other markets and the domestic market — at lower prices, USMEF said. “Looking only at ham prices, the drop in the primal value could translate into losses to the industry of more than $300 million for the remainder of the year, which would be roughly $600 million over the next year,” the report states. “Picnics are the other primal likely to be impacted. The added negative price pressure for picnics and hams could result in industry losses of $425 million for July-Dec.2018 and $835 million over the next year.”