Guess what? The promises Donald Trump made about his partial trade deal with China were a lie. China isn't buying the $40 billion in American agricultural products Trump said it would, more like $14 billion through the end of September, according to the Washington Post.So Republicans are now teeing up another massive farm bailout on top of the $28 billion taxpayers have already forked over to make up for Trump's self-engineered trade disaster. - Daily Kos
Thursday, March 5, 2020
Trump got massively "took" on the China trade deal
I don’t suppose you’re having any trouble getting your head around how this could have happened, either.
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$40 billion sounds like a lot ... but that is over multiple years and really bad when you compare it to what China bought before Trump started his trade war ($24 Billion in 2017.)
ReplyDeleteIn January when the deal was announced, it was reported that Chinese Vice Premier Liu said Chinese firms will buy American products, “based on market conditions,” which raised doubts that the country will meet its commitments under the pact. The stronger US dollar will make China hold back.
Also, when the deal was announced, Trump's Ag Secretary Sonny Perdue said there would not be the need for another "farm aid".
BTW ... in case you missed it,the USDA just announced agreements with six sugar beet processing cooperatives to distribute $285 Million to growers who experienced losses over the past two years.