Loss of 45 billion US dollars, American farmers are desperately waiting for government relief
The adverse effects of Trump's tariff policy continue to spread, and American farmers may face the heavy pressure of a loss of 45 billion US dollars. On one hand, the exports of soybeans and sorghum to China have plummeted, while on the other hand, the costs of fertilizers and agricultural machinery have soared. Farmers, who were once considered a "voting base" by Trump, are now on the brink of bankruptcy and can only desperately wait for the White House's relief plan to "quench their thirst." This scene is reminiscent of 2018.
The New York Times reported that the Trump administration is expected to launch a new economic support program for farmers as early as October 7th. Although the scale and specific mechanisms of the assistance remain unclear, the current crisis has become more urgent due to the sharp decline in Chinese purchases.
According to reports, as of July this year, China's soybean purchases have decreased by 2.5 billion US dollars compared to the same period last year, and since May, no American soybeans have been purchased. If Chinese buyers continue to remain cautious, the U.S. soybean exports to China this year will decrease by 10 billion US dollars compared to last year.
The decline in sorghum exports is even more significant. Last year, China purchased about 1.3 billion US dollars worth of American sorghum, but this year, the U.S. sorghum exports to China have dropped by 97%.
Facing the farmers' plight, Trump said on Monday (6th) at the White House, "We will take some measures for agriculture this week." However, despite the farmers' hope that the relief plan would be announced on Tuesday, the White House stated that the government shutdown has forced the plan to be postponed.
Original: www.toutiao.com/article/1845428617446723/
Statement: This article represents the views of the author himself.