South America Won the U.S.-China Trade War

Two economists calculate that U.S. farms lost $14 billion because of retaliatory tariffs, while South American countries boosted their exports by $13 billion to fill the gap.

The trade war may not have turned out to be "good and easy to win" for the United States, but some other countries have benefited from how higher tariffs have warped the global flow of agricultural goods. Argentina, Brazil, and Chile were the "primary beneficiaries of the retaliatory tariff increases," Carter and Steinbach write, because they "were able to substantially expand their trade with retaliatory countries at the cost of the United States."

Reason.com

South America Won the U.S.-China Trade War