US President pledges to support farmers affected by trade war

VTV.vn - US President Donald Trump on September 25 signaled that he might implement a support package for American farmers - who are being affected by trade wars.

US President Donald Trump (Photo: AP)

Mr Trump's aggressive trade policies and subsequent retaliation from other countries have put pressure on American farmers, as tensions hurt important export markets like China.

Facing internal turmoil, President Trump said he would use some of the revenue from tariffs to support farmers. He also acknowledged that farming communities would be hurt “for a short period of time” before the tariffs began to benefit them.

Trump’s latest comments also echo his first term as president, when retaliatory tariffs cost more than $27 billion in lost US agricultural exports from mid-2018 to late 2019. At that time, the Trump administration also provided aid packages to farmers as the trade war stalled exports to China, a huge market for US soybeans and pork.

The US agriculture sector has been under pressure this year as export markets have been hit by trade disputes and farmers have struggled with falling commodity prices. Since returning to office, Mr. Trump has imposed 10% tariffs on imports from most trading partners and increased tariffs on dozens of other economies .

As trade tensions continue to simmer, China – the world’s top soybean importer – has continued to diversify its supply sources and turn to countries other than the US such as Brazil.

As of late August, the U.S. Soybean Association said China had not placed any new orders for the most recent crop year. The association said China’s absence from the new-crop export market has dealt a heavy blow to U.S. soybean futures.

Source: https://vtv.vn/tong-thong-my-cam-ket-ho-tro-nong-dan-bi-anh-huong-boi-thuong-chien-100250926163326788.htm