Taking a "show me" stance, White House economic adviser Larry Kudlow said on Monday he expected China to roll back tariffs on U.S. farm exports promptly and begin trade reforms in line with the trade deal struck by President Trump and Chinese President Xi Jinping. The White House said over the weekend that China will make "very substantial" purchases of agricultural, energy and industrial goods but analysts saw no firm commitments in the statement.
U.S. farm income will be slightly higher than expected this year due chiefly to $4.7 billion in Trump tariff payments that will buffer the impact of trade war on commodity prices, says the USDA. With the bailout, farmers are forecast to collect $13.6 billion in direct farm payments, the largest amount in 12 years.
In the end, election night turned into a gentle blue wave, showing the nation as divided as ever. As expected, suburban voters pushed back against President Trump, giving control of the House back to the Democrats, while voters in rural areas doubled down on their support of the president, flipping the Senate seats in three ag-heavy states to the Republicans. (No paywall)
Banking on Republican gains in the midterm elections, President Trump said Congress could wait until next year to pass the farm bill because "we don't have enough votes" now for stricter work requirements for millions of SNAP recipients. Trump, who signed an executive order in April calling for new and stronger work requirements for social programs, has sided with House Republicans on the major dispute of the 2018 farm bill, now nearly a month overdue.
Ten days ahead of the midterm elections, President Trump will tout his agricultural record to a pared-down crowd of 7,000 teenagers at the FFA national convention in Indianapolis and campaign in southern Illinois for an imperiled Republican member of the House Agriculture Committee.
Producers of shelled almonds and fresh sweet cherries are eligible for cash payments to offset the impact of trade war on U.S. agriculture, said Agriculture Secretary Sonny Perdue. The announcement on Friday was the first addition to the list of commodities earmarked for an estimated $4.7 …
With a warning against retaliation that targets "our farmers or other industries," President Trump ordered a new wave of tariffs on Chinese products, this time on $200 billion of goods that will face a 10 percent duty initially and rise to 25 percent on Jan. 1. "Once again, I urge China’s leaders to take swift action to end their country’s unfair trade practices," said Trump, suggesting he and Chinese President Xi Jinping could end the trade war through face-to-face negotiations.
With commodity prices dropping and farm income projected to plummet, America’s farmers are growing increasingly anxious over the lack of specifics about how much money they’re going to get, and when they’re going to get it, from President Trump’s $12-billion bailout, reports The Wall Street Journal.
One in seven of the farmers who voted for President Trump in 2016 would not vote for him today, according to a poll released on Monday. The escalating trade war was leading cause of erosion of support for Trump among a staunchly Republican group. But a majority still support him: 60 percent would vote for him now vs. 75 percent in 2016.
The U.S. “will be able to start paying down large amounts” of the national debt because of tariffs imposed on imported goods, said President Trump on Sunday. Trump tweeted, “Tariffs are working big time,” two days after China said it might put duties on an additional $60 …