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China made up close to 35% of US Lobster trade market, but Chinese officials have doubled the tariffs on "live seafood" in retaliation to Trump's tariffs. That 35% has dwindled down to less than 5%. Many companies within the US lobster industry are losing money fast and may need help from the federal government to stay afloat.
Who has China turned to for their lobster market? Canada.
We know he is rocking the boat on the trade issue. Yes, some industries will be affected negatively... others will be affected positively.
With the economy doing relatively well right now, he probably figures this is a good time to take this on since there is some overall cushion right now. In other words - it's not as though he is doing this during a recession.
Trade wars take time. China is going to back down soon.
LOL, uhhhhh, no.
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