Pork Twist: China Import Tariffs Hit Chinese Owner of Smithfield
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Chinese tariffs on imported U.S. pork have so far hit only one producer very hard -- a Chinese company.
Shares of U.S. pork suppliers Tyson Foods Inc. and Hormel Foods Corp. were little changed Friday after China announced the tariffs, but WH Group Ltd. plunged. Hong Kong-based WH is suffering the most because its U.S. arm, Smithfield, is the world’s largest pork producer. WH acquired the company for $4.73 billion in 2013.