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A huge chunk of U.S. GDP growth is being kept alive by AI spending ‘with no guaranteed return,’ Deutsche Bank says (finance.yahoo.com)

submitted 4 months ago by yogthos@lemmygrad.ml to c/us_news@lemmygrad.ml

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[–] sovietsnake@lemmygrad.ml 2 points 4 months ago* (last edited 4 months ago) (1 children)

Due to the tariffs China stopped buying soy beans from the US and started buying them from Argentina, I don't remember the specifics but China used to buy something like 80 to 90% of US soy beans, which means the US agrarian sector was left with goods that didn't have a buyer, finding a replacement like China in that sector is not something that happens overnight so a lot of the crops will probably go to waste and that market will be in a bad shape. Funniliy enough while this was happening the US also gave Argentina a $20bn swap buying Pesos, which basically is like buying toilet paper.

https://www.msn.com/en-us/money/markets/minnesota-farmers-are-on-brink-of-disaster-as-china-hits-back-with-us-soybean-boycott-can-south-america-really-feed-all-their-needs-forever/ar-AA1SYgDp

[–] Malkhodr@lemmygrad.ml 1 points 4 months ago (1 children)

Thank you for the overview.

Though honestly the main thing it did was further upset me about the fact that even with such a large agricultural output, I see the homeless and hungry everywhere around where I live.

[–] sovietsnake@lemmygrad.ml 2 points 4 months ago

Yeah, I feel you, same happens here, we produce a lot of food but most of it isn't sold here. I hope you can escape from the US.