“Instead of seizing the opportunity to push forward with efforts to open up foreign markets, from trade wars and protectionist bailout schemes, the Trump administration’s policies have moved in the opposite direction to the great detriment of one of our greatest and most productive American assets—our ranchers and farmers.”
U.S.-China Trade War: Farmers Caught In The Crossfire
- 1) Due largely to the trade war, U.S. agricultural exports to China have fallen from $22 billion in 2017 to a projected $9 billion in 2019, the lowest level since 2007.
- 2) In response, the Trump administration has authorized $30 billion in trade mitigation assistance to farmers, in effect reviving the "direct payments" program that Congress discontinued in 2014.
- 3) A more effective approach to confront China over legitimate trade grievances would be to initiate multi-lateral action with other trade partners, such as through the World Trade Organization or by rejoining the Trans Pacific Partnership.