We always knew Trump was lying about his trade policies. A new report by his own administration shows that Trump’s China trade deal falls $47 billion short of his promise to farmers, and admits that his failed trade policies are hurting the economy.

A new Trump administration report said Trump’s trade deal would only boost farm exports by $3 billion — after he promised $50 billion.

TRUMP: “We also signed a terrific new trade agreement with China that will boost American agriculture by $50 billion every year, and many other businesses like manufacturing, banking, finance, overall $250 billion.”

Successful Farming: “China will buy $14 billion of U.S. ag products this year, $3 billion more than forecast before the Phase One agreement was signed, said USDA Chief Economist Rob Johansson on Thursday.”

That means that farm exports won’t get back anywhere close to where they were before Trump started his reckless trade policies — much less make up for all the damage he’s done over the last two years. 

AgriPulse: “The 2020 estimate is still far below the commitments China made in the ‘phase one’ trade deal with the Trump administration.”

Successful Farming: “Before the Sino-U.S. trade war, China was the largest customer for U.S. ag exports with purchases of around $21 billion a year. … Johansson said the $14 billion forecast was based on published descriptions of the agreement.”

The White House’s economic report didn’t bother to address skyrocketing farm bankruptcies amid fallout from Trump’s trade policies.

HuffPost: “Farm Bankruptcies Soared 20% Amid Trump Trade War. It’s The Highest Rate In 8 Years.”

Press Call on the 2020 Economic Report of the President: QUESTION: “You haven’t mentioned anything about the 20 percent increase to, I believe, record levels of farm bankruptcy.” … CEA ACTING CHAIRMAN TOMAS PHILIPSON: “We haven’t discussed that in the report. And we obviously are aware of the trend, but we didn’t go in to discuss it on the report.”

Trump’s top economist admitted Trump’s failed policies have hurt the economy, and said he could only “hope” trade uncertainty settled down.

Bloomberg: “White House Admits That Trump Trade Stance Did Depress Economy”

Reuters: “It was a rare public acknowledgement from the administration of the costs of a trade war characterized as largely beneficial to the U.S. economy despite lingering questions about who pays the price of higher tariffs, whether global supply chains will be reorganized to the U.S. economy’s benefit and even whether China will deliver on commitments made under a Phase 1 trade deal. Philipson said he expects investment to rebound this year ‘if uncertainty settles down, which we hope it will.’”

Trump again told farmers to buy bigger tractors and more land, but farmers aren’t buying his lies as crop prices have continued to decline.

TRUMP: “And we’ve secured the historic trade deals, including the new trade deal with China. They’re going to buy $50 billion worth of your product. … You got to get bigger tractors. You got to buy a little more land.”

Bloomberg: “More than half of U.S. farmers plan to spend less on capital equipment this year, and only 13% plan to spend more, according to a survey conducted by the American Farm Bureau Federation, the nation’s largest general farm organization.”

Bloomberg: “Commodity markets have had a lukewarm response to the trade agreement, which includes commitments by China [to] buy more U.S. farm products. Soybean futures in Chicago are down slightly since Dec. 12, the day before Trump announced the China agreement.”