President Donald Trump is escalating his trade war with China and introducing further tariffs, but under-pressure farmers are voicing concerns, Republican Senators have said.
Republican senators warned that American farmers are increasingly frustrated by President Donald Trump’s efforts to secure a new trade deal with China as the economy braces for further tariffs imposed by Washington and the inevitable retaliation by Beijing.
“If he gets a deal, awesome. If he doesn’t, it’s going to hurt,” Sen. Joni Ernst, an Iowa Republican, told The Washington Post, adding that farmers are “losing their patience, yeah, but they want to see a deal.” The Federal Reserve Bank of Minneapolis said that in the year to June 2018, 84 farm operations in Wisconsin, Minnesota, North Dakota, South Dakota and Montana filed for chapter 12 bankruptcy protection. That is more than twice what it was in 2014 despite the booming American economy.
“We’ve had so many good weeks and good days, and it’s only going to get better because we’re doing trade deals that are going to get you so much business, you’re not even going to believe it,” Trump said. Since President Trump came to power and began his trade war, the total value of America’s agricultural exports to China decreased from $17.142 billion in 2017 to $11.853 billion the following year, a drop of 31 percent, data from the Foreign Agricultural Service shows.
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