贸易战争之大豆篇

"We've been gambling up to this point," says Tim Bardole, a soyabean farmer from Iowa.
“到目前为止,我们一直在赌,”蒂姆·巴多尔,一名来自爱荷华州的豆农说到。
After the price of soyabeans crashed last summer, he held on to most of his harvest and waited for the market to recover.
自去年夏天大豆价格暴跌后,他留下了自己的大部分大豆收成,等着市场恢复。
But seven months later, and with large loans to repay, he sold up. "We decided we'd better take what we have," he says.
但是七个月后,他偿还完大额贷款便把手头的大豆都卖掉了。“我们认为我们最好是见好就收。”他表示。


The cause of the crash was a 25% tariff on American soyabeans imposed by China, the world's biggest importer,
价格暴跌的原因是美国对出口中国的大豆征收25%的关税,中国是世界最大的进口国,
as one shot in the trade war between the two countries. Yet peace is supposedly in the offing.
这是美国在两国贸易战中的一击。但据推测和平即将来到。
The two countries are locked in negotiations over a deal, ahead of a deadline of March 1st that has been imposed by America
美国定于3月1日对中国产品加征关税,但在此期限之前两国仍在为达成一份协议进行谈判,
(though on February 19th President Donald Trump declared the timing to be flexible).
(虽然2月19日,唐纳德·特朗普总统宣布时间有所变动)。
That Mr Bardole cut his losses despite those talks is not that surprising.
尽管两国进行多次对话,但巴多尔赶紧脱手以免多受损失的做法并不奇怪。
Even if the tariff is lifted—which is far from certain—the past year's disruption will probably leave a permanent scar.
虽然免除了关税—目前并不能确定—但之前的破裂可能留下永久的伤疤。
The trade war caught American soyabean farmers at a particularly bad time.
贸易战争找上美国大豆农民的时机很糟糕。
They had just planted a bumper crop, encouraged by strong demand and a drought in Argentina, a competitor.
受竞争对手阿根廷干旱和需求强劲的鼓舞,他们刚刚种下了大批丰产作物。
When the tariff was implemented it was too late to switch to other crops such as corn.
关税实施时,转种其他作物,如玉米,已经太晚了。
Demand from China—which in 2017 accounted for 60% of American exports—collapsed. The result was a glut.
中国的需求—2017年中国需求占美国出口的60%—暴跌。结果大豆供过于求。
To replace American beans China has ramped up its imports from Brazil, pushing up prices in South America.
为了替换美国大豆,中国已经增加了从巴西的进口,推高了南非大豆的价格。
Meanwhile the European Union, Mexico and even Argentina have been tempted by low American prices—but not enough to replace lost Chinese demand.
同时,欧盟、墨西哥,甚至是阿根廷都被美国大豆的低价所诱惑—但这还不足以弥补中国需求的损失。
To help American farmers cope, Mr Trump's administration handed them a one-off payment of $1.65 per bushel ($61 per tonne).
为了帮助美国农民,特朗普政府为他们提供了每蒲式耳1.65美元的一次性付款(每公吨61美元)。
Without it Mr Bardole would have lost money on this year's crop.
没有这次补助,巴多尔今年的农作物会亏本。
He might have sold his crop anyway, but the support has allowed others to sit on theirs.
不管怎样他可能已经卖掉了自己的农作物,但其他人压下了自己的农作物。
Farmers will have 25m tonnes of beans in stock at the end of this year's selling season, according to an official estimate, up from 12m tonnes last year.
根据官方估计,今年销售旺季末,农民们将储存有250万公吨的豆子,多于去年的120万公吨。

In January Liu He, China's deputy prime minister, said China would buy 5m tonnes of soyabeans after meeting Mr Trump.

1月,中国副总理刘鹤在和特朗普会面后称中国将购买5百万公吨大豆。
Even so, the pace of Chinese purchases is a fraction of what it would ordinarily be around this time of year.
即便如此,中国采购的步调不过是往常这个时候一小部分。
If the tariffs are lifted, some Chinese demand will recover.
如果免除关税,中国的一些需求将恢复。
The billions of dollars' worth of infrastructure that facilitates American sales to China is still in place.
促进美国对中国销售的价值上亿美元的基础设施仍存在。
And China could turn back to America for other reasons.
中国可能会因其他原因而再次转向美国。
To cope with the loss of American exports of soyabeans, for instance, it has lowered the minimum protein content in pig feed.
例如为了解决美国大豆出口的损失,中国降低了猪饲料中的蛋白质最低含量。
But that risks hogs' health and can stunt their growth.
但这是拿猪猪的健康冒险,还会阻碍它们的生长。
Furthermore, Chinese pig farms have been hit by a nasty bout of African swine fever, forcing farmers to cull 5-15% of their hogs,
此外,中国的养猪场受非洲猪瘟打击,养猪农被迫宰掉了5-15%的猪,
according to Michael Magdovitz of Rabobank, a firm that specialises in financing agriculture. But this should prove temporary.
专注农业融资的公司Rabobank的Michael Magdovitz说到。但是事实证明这只是暂时的。
Despite all this, many are sceptical that Chinese demand will ever fully recover.
尽管如此,很多人都怀疑中国需求是否能够最终完全恢复。
"It was nice" to have guaranteed demand from China, says Mr Bardole, but "those days are gone."
得到中国的需求保证“固然是好事”,巴多尔说到,但“好日子一去不复返了。”
Others worry that the Chinese will respond to this episode by investing more in developing Brazilian agricultural infrastructure,
其他人担心中国将在开发巴西农业基础设施上投入更多并以此回应这一事件,
permanently decreasing their reliance on America.
最终永久减少他们对美国的依赖。
Not everyone is pessimistic. The current situation "is nothing compared with what we went through in the 1980s," says Randy Souder, another Iowan farmer.
并不是每个人都如此悲观。目前的形式“和20世纪80年代我们所经历的相比不值一提,”另一名爱荷华州农民兰迪·苏德说到。
He remembers that he coped with low prices then by producing more efficiently.
他还记得那时他靠着提高生产效率的方式应对低价。
If some farmers are forced out of business, he reckons others will "pick up the acres" and spread their equipment costs over a larger area of land.
如果一些农民被迫歇业,他认为其他人将“接手这些土地”并将他们的设备成本分散到更大面积的土地上。
Prices have crept up in recent months.
近几个月,价格上升了。
Mr Magdovitz says they have been supported by the limited Chinese purchases, optimism that a deal will be agreed and Mr Trump's subsidies.
Magdovitz表示他们已经得到了中国有限购买量以及特朗普补助金的支持,并乐观认为两国将达成协议。
America's economy as a whole may not depend on exporting to China. But if recent experience is anything to go by, soyabeans are an exception.
美国整体经济可能并不依赖于对中国的出口。但如果近期经验靠得住的话,那么大豆是个例外。


来源:经济学人

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