This week's White House budget proposal to cut crop insurance by 31 percent and to tighten eligibility rules for farm subsidies would save less in 10 years than the administration spent to mitigate the impact of the Sino-U.S. trade war on 2018 and 2019 farm production, said an economist.
The chairman of the Farm Credit Administration appealed for Farm Belt patience on Trump trade agreements on Wednesday. "The groundwork has been laid for trade normalization and improved farm prices," said Glen Smith during a House Appropriations subcommittee hearing.
Farmers and ranchers are on their way to receiving $14.5 billion in trade war payments on their 2019 production, but that aid is skewed toward large farms and Southern states, said the senior Democrat on the Senate Agriculture Committee on Thursday.
Thanks to a steady recovery, U.S. farm income this year will be the highest since 2013, the peak of the commodity boom, said the government on Wednesday. The USDA forecast net farm income, a broad measure of profits, at $96.7 billion this year, with higher crop and livestock revenue offsetting the end of two years of mammoth Trump tariff payments.
With rural Americans continuing to suffer a digital divide, President Trump said on Tuesday that he was committed to ensuring “every citizen can have access to high-speed internet, including — and especially in — rural America.” The White House provided no immediate details but the Federal …
In his State of the Union speech on Tuesday, President Trump will provide details on further steps in U.S.-China trade relations, says a senior administration official. The nations signed a "phase one" agreement to de-escalate the trade war on Jan. 15 and Trump indicated "phase two" negotiations would begin soon, although no date has been announced.
An analysis by five economists says the Sino-U.S. trade war cut far deeper into U.S. farm exports to China than it appears in a simple tallying of sales before and after the tariffs were announced.
As President Trump scored his second trade victory in two days, Senate approval of the United States-Mexico-Canada Agreement, he asked farmers on Thursday to remember the billions of dollars they had received in trade war payments.
The “phase one” trade agreement with China assures sales of “up to $50 billion in agriculture alone,” said President Trump at a White House signing ceremony on Wednesday, although Chinese Vice Premier Liu He said sales would depend on domestic demand and U.S. prices. A senior administration official said later that the pact did not require China to remove retaliatory tariffs on U.S. farm goods — a potential barrier to exports.