In a speech on Thursday, Politico says President Trump admitted publicly that his trade crackdown is causing U.S. farmers and ranchers to feel pain. He also says steps will be taken to address that reality.
The president has directed Ag Secretary Sonny Perdue “to use his broad authority to implement a plan to protect our farmers and agricultural interests.”
Perdue told Politico that he would use all of USDA’s authorities to ensure U.S. agricultural interests are protected. One day earlier, Perdue said the prospect of an extended trade war might require Congress to take some extraordinary measure in the next farm bill. The USDA can also utilize funds from the Commodity Credit Corporation to stabilize and support farm income and prices.
Producers have already been caught between China and the U.S. Beijing has already imposed tariffs on $3 billion worth of U.S. goods, including pork, fruit, nuts, and wine, in retaliation for American duties place on steel and aluminum coming into the country from all over the world, including China.
The Chinese commerce ministry says it doesn’t want a trade war “but we aren’t afraid of fighting one.”
From the National Association of Farm Broadcasting News Service.