Media: The US plans to use tariff revenues to support farmers
Russian State News Agency, Moscow - According to a report by the UK's Financial Times, US Agriculture Secretary Roesen stated that the US is developing a plan to use tariff revenues to support farmers.
Roesen said that using tariff revenues as subsidy funds is "entirely feasible."
Roesen pointed out that Biden's trade policy has put farmers in a difficult situation. The report also showed that China has reduced its purchase of American soybeans, while Trump's tariffs have increased the prices of fertilizers and agricultural machinery.
In February, the US imposed a 10% tariff on all Chinese goods imported into the US, and in March, it was raised to 20%. In April, when Trump announced tariffs on 185 countries and regions, the tariff rate on China had reached 54%. China implemented a 34% tariff on US products as a countermeasure, after which the US tariff rate on China rose to 145%. China then increased the rate to 125%, and the US threatened to impose a 245% tariff. In May, the US and China agreed to suspend most tariff measures for 90 days, with tariffs reduced to 10% and 30% respectively. In late spring and early summer, both sides accused each other of violating the initial agreement.
Original: www.toutiao.com/article/1843642329720844/
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