How much of our food will come from China?
If Smithfield's proposed sale goes through, the Chinese will control a hefty portion of the US supply. That's making some consumers here uncomfortable.
In short, yes.
Forget for a moment that, if it clears scrutiny by the U.S. Committee on Foreign Investment, the deal would become the largest Chinese acquisition of a U.S. company. As The New York Times points out, Americans are increasingly eating food imported from China. The Agriculture Department indicates that by the end of last year, the United States had imported 4.1 billion pounds of food products from China. That includes half of U.S. apple juice consumption, 80% of its tilapia and more than 10% of its frozen spinach.
Recently, China's been plagued with problems ranging from melamine deliberately put into pet foods and baby formula to unsafe levels of cadmium in rice. More recently, fox, rat and mink meat there was doctored with gelatin, pigment and nitrates and sold as mutton.
Though Smithfield says the deal was intended to deliver more pork to China, not the reverse, the fact that China is barred from exporting fresh pork or beef to the United States because it still has outbreaks of hoof and mouth disease is troubling for American consumers and lawmakers alike. A congressional hearing this month entitled "The Threat of China’s Unsafe Consumables" underscores just how nervous Chinese food products tend to make folks on this side of the Pacific.
The key problem is that, while imported foods sold here are supposed to be labeled with their country of origin, a whole lot of imports end up in restaurant and other ready-made meals where the sourcing is still in question. Once those imports are processed in any way -- whether by mixing vegetable or mashing fish into sticks and patties -- the government no longer requires labels of origin.
Also, while Americans may have a short memory when it comes to food scandals abroad, they tend to remember little memes like the videos of thousands of pig carcasses floating down a river that supplies drinking water to Shanghai. It also doesn't help that Shuanghui itself was caught selling pork laced with clenbuterol, a veterinary medicine banned for use in animals intended for human consumption, in 2011.
While food experts claim the Smithfield buy is part of a continued effort to clean the food supply in China, which already buys 12% of all U.S. pork, there are also concerns that new owners could cut into the U.S. share of Smithfield meat should supplies get tight.
Let's short sale Smithfield. (or Short sale any company own by china. Please support U.S. buy local please.
You won't find it there.
Greed is a hard thing, for good hard working Americans, to fathom. The owners of Smithfield are unable to justify, other than money, the sale of a food supply conglomerate. It's un-American things like this that should have everyone asking more questions. Our own farmers have had to kiss up to these large human food suppliers in order to survive. While we're at it take a hard look at all imports from every country.
We used to get tilapia once a week, and once we started reading labels and could see that it was a "product of China" we quit buying tilapia. We used to order dishes in some restaurants that served tilapia, but again, once we realized where it was from, we quit ordering those meals. Many other products are like this, including a lot of other types of fish.
We need to be reading and researching where all of our foods come from.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
More than 70 percent of the Class of 2012 took out loans. Oh, and they're seeing high unemployment, too.
- Wall Street finally notices Bitcoin
- Part-time workers hurt by on-call system
- 5 myths about late payments and your FICO scores
- Auto loan interest rates hit record low
- Should the US scrap the debt ceiling?
- Will new mortgage rules mean fewer lenders?
- Why GM, Chrysler are riding high
- Survey: Dashboard lights fail to send right message
- Can you opt out of Medicare?
[BRIEFING.COM] The major indices have dipped from their best levels of the morning but still hold solid gains. Not surprisingly, the Advance-Decline line at the NYSE and Nasdaq skews decidedly in favor of advancing issues. It is nearly a 3-to-1 margin at the NYSE and roughly a 2-to-1 margin at the Nasdaq.
One stock -- and one of the most notable -- that is not among the advancers is Apple (AAPL 563.10, -4.80). There isn't any specific news behind the decline. ... More
More Market News
Shares of the food company are up nearly 50 percent this year and it's hard to justify buying in now at $45.