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China just bought back American soybeans at the right harvest time and this is very good news for American farmers and for President Donald Trump.
Dave Walton’s farm in the state of Iowa a year ago struggled to cope with the trade war between the United States and China that greatly affected soybean exports.
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| Photo: CNN |
Now, Walton is looking for overseas customers, and the soybeans he harvested last week have been shipped up the Mississippi River for a port of export. But even so, this farmer still cannot go back to the way he was before the war.
“The trade issues with China are not fully resolved, but I think Mr. Trump has made great progress and can continue this momentum if he wins another term,” he quoted Dave Walton on CNN. . This independent voter has not decided who to vote for. But he fears that former Vice President Joe Biden is weaker than Trump in terms of trade.
The recent trade war between Washington and Beijing has had a particularly large impact on soybean farmers in the United States. Soybean prices plummeted and inventories hit record levels.
However, China has started buying American soybeans at the right time of this fall harvest. And this is really good news for the American farmer and for President Trump, according to CNN. Farmers are one of its main target groups and also play a key role in the battle states of the Midwest, where polls show the race to the 2020 White House is on. narrower than in 2016.
President Trump has invested billions of dollars in federal assistance to farmers over the past few years, including about $ 23 billion to offset the damage caused by the US-China trade war and another $ 10 billion in early 2000. this year. now to help them overcome the Covid-19 pandemic.
Another round of Covid-19-related aid announced by President Trump in September has earned him the highest level of confidence from farmers since the outbreak of the pandemic, Purdue said. Agricultural Economics Barometer from the University-CME Group, a group responsible for evaluating the agricultural economy of the United States.
Just 6 months ago, this confidence fell to the lowest level in 4 years. The pandemic impacted the food supply chain and some farmers even declared bankruptcy. The federal aid program has helped ease the pressure, but the bankruptcy rate remained at 8% during the 12-month period through June, according to the Farm Bureau. After that, the August storm washed away many growing areas in the Midwest.
When President Trump reached a “phase one” trade deal with China in January, many experts did not believe that the contract to buy agricultural products in bulk would be fulfilled as Beijing promised. Until August, the Asian country has only bought goods worth 11 billion dollars compared to the 36.6 billion established dollars. Still, half of American farmers believe China will keep its word, according to a Purdue University survey.
President Trump’s business goal is to strike a broader deal with China that addresses what his administration views as unfair business practices, such as theft of intellectual property. and forced technology transfer. However, tit-for-tat tariffs on tariffs between the two sides have had a major impact on American agricultural products.
Aid from the Trump administration has kept American farmers afloat. Although farm cash sales are expected to fall to a decade low this year, government payments are expected to boost net income, according to an analysis by the Farm Bureau. of farm increased 23%.
Thanh hao
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