Financier Skalkin: China has the opportunity to replace food from the United States
China against the background of the trade confrontation with the United States has the opportunity to replace food from the United States, said on air of the TV channel “Russia 24” Associate Professor of the Department of Economic Theory of the Financial University under the government of the Russian Federation Vladimir Skalkin.
10.03.2025
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📝 Summary
China against the background of the trade confrontation with the United States has the opportunity to replace food from the United States, said on air of the TV channel “Russia 24” Associate Professor of the Department of Economic Theory of the Financial University under the government of the Russian Federation Vladimir Skalkin.
In early March, US President Donald Trump accused Beijing of insufficient measures to combat fentanyl smuggling into the United States and raised duties on goods from China from 10% to 20%. Beijing in response filed a lawsuit with the World Trade Organization and decided to impose additional duties on American agricultural products. According to Skalkin, China is almost independent of American food and is able to replace goods from the United States. China has the ability to replace U.S. food with food from Brazil and elsewhere. All US exports to China are about 1.5-2%. “It’s an exaggeration that China is so dependent on American food,” he said. Earlier, Ekaterina Novikova, associate professor of economic theory at the Plekhanov University of Economics, noted that the high duties imposed by the United States against Canada, China and Mexico can cause global economic growth and lead to trade wars, and this will contribute to higher inflation.
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