American farmers have been decimated by the trade war, even as the Trump administration claims to be patching up relations with China.
President Donald Trump bragged on Sunday morning that “big progress” was being made with China on trade, even as U. S. farmers say they are suffering tremendously as a result of the tariffs he imposed against Beijing.
“Important meetings and calls on China Trade Deal, and more, today with my staff,” he tweeted. “Big progress being made on soooo many different fronts! Our Country has such fantastic potential for future growth and greatness on an even higher level!”
The comments were in stark contrast with Trump’s own administration, which has released few details on the negotiations, and has said “much work” is still to be done before any concrete agreements are reached.
“Everyone thinks it’s a stalemate. The president is wishing something there that isn’t and is trying to will it to be,” one analyst who spoke with with U. S. negotiators told The Washington Post.
Meanwhile, U. S. farmers have been hit hard by the trade dispute, which largely stem from Trump’s decision to impose billions in tariffs on U. S. imports of Chinese goods last year. In retaliation for that decision, Chinese officials slapped tariffs on a proportionate number of American goods, including dairy and pork products, and soybeans, the country’s top agricultural export to China.
U. S. soybean sales to China have plummeted approximately 94 percent since then. As a result, many Midwest farmers have had to file for bankruptcy, as they wait for the two countries to hammer out a deal to end the current standoff, which threatens their growing stockpiles.
According to analysis by The Wall Street Journal this month, U. S. growers are filing for Chapter 12 bankruptcy protection “at levels not seen for at least a decade.” Delinquency rates have climbed as farmers are unable to pay off their loans due to the drop in profits.
“I’ve been through several dips in 40 years,” Nebraska farmer Kirk Duensing told the Journal.
