Nov 18, 2018

4. Trump's trade war means restaurants are bringing the bacon

Photo: Matt Cardy/Getty Images

Chicken is out; pork is in. President Trump’s tariffs are inflating poultry prices while making it cheaper to bring home the bacon.

What's happening: The trade war has reduced pork exports to China and Mexico, Reuters reports, increasing supply in the U.S. In response, grocery stores and restaurants are pushing pork. Wendy’s is selling a burger topped with three strips of bacon, and the Food Lion grocery chain has special deals on pork.

  • Meanwhile, chicken farms are suffering. Poultry giant Tyson Foods missed Wall Street earnings estimates on Tuesday, as its operating income from chicken fell nearly 34%, reports Reuters' Tom Polansek.
  • “With all that pork on the market, it has spilled over to affecting consumers’ demand for chicken," Bill Roenigk, an agricultural economist and consultant for the National Chicken Council, told Polansek.

The big picture: A volley of tariffs between the U.S. and China have knocked U.S. farmers off-kilter, dealing sharp blows to soybean and corn producers.

What’s next: A new trade agreement between the U.S., Mexico, and Canada could restore pork exports to Mexico and put chicken back on the table.

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Situational awareness

Photo: Drew Angerer/Getty Images

Catch up on today's biggest news:

  1. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  2. Trump misrepresents 2020 Russia briefing as Democratic "misinformation"
  3. Bernie Sanders takes aim at Bloomberg: "Trump will chew him up and spit him out"
  4. Nearly half of Republicans support pardoning Roger Stone
  5. Scoop: Lyft acquires cartop advertising startup Halo Cars

Sanders takes aim at Bloomberg: "Trump will chew him up and spit him out"

Photo: Mario Tama/Getty Images

Bernie Sanders told CBS "60 Minutes" that he was surprised by Mike Bloomberg's lackluster performance at Wednesday's Democratic debate.

What he's saying: "If that's what happened in a Democratic debate, you know, I think it's quite likely that Trump will chew him up and spit him out."

Scoop: Lyft acquires cartop advertising startup Halo Cars

Photo: Drew Angerer/Getty Images

Lyft has acquired Halo Cars, a small startup that lets ride-hailing drivers earn money via ad displays mounted atop their cars. Lyft confirmed the deal but declined to share any details.

Why it matters: Ride-hailing companies are increasingly eyeing additional ways to generate revenue, and Lyft rival Uber has been quietly testing a partnership with New York-based Cargo that gives it a cut of the advertising revenue, as I previously reported.