Trump’s Trade Policies Hurt Farmers
August 26, 2020
Joni Ernst claimed Trump works for farmers. What she didn’t mention: His reckless trade policies have actually hurt farmers in Iowa and across the country, and farms are still being shuttered despite him spending billions on a farm bailout as China is nowhere close to the farm purchases Trump promised.
Farm bankruptcies and debt skyrocketed as farmers struggled amid Trump’s trade war.
CNN: “US farm bankruptcies were up 20% in 2019, despite the billions of dollars in aid President Donald Trump has paid to farmers hurt by the trade war with China. That’s the highest level since 2011, following the Great Recession, according to court data analyzed by the American Farm Bureau.”
Wall Street Journal: “The U.S. Department of Agriculture on Thursday said it expects farm debt in 2020 to rise to a record $425 billion, up from $415 billion last year. The debt-to-asset ratio for farms remains at its highest point in more than 15 years, the USDA said, and farm bankruptcies jumped 24% last year.”
Farms are still being shuttered despite Trump spending tens of billions on a farm bailout, and farmers’ export markets may be gone for good.
Wall Street Journal: “More farmers declare bankruptcy despite record levels of federal aid”
PolitiFact: “The Trump administration has also paid compensation to farmers hurt by China’s policies worth at least $28 billion over two years. Despite this compensation, farm bankruptcies hit an eight-year high in 2019. And experts say that once the markets are lost, they may be gone for good.”
Despite Trump’s claims, China is nowhere close to the farm purchases Trump promised.
MarketWatch: “China is far behind farm purchases needed to fulfill terms of trade deal with U.S.”
Nebraska Farm Bureau President: “While some agricultural purchases have been made, China is woefully behind in terms of meeting the agriculture targets outlined in the Phase One deal… In order to reach the $36.5 billion in imports China agreed to, purchases must drastically increase, and that must start today.’”