POLL: Farmers taking a hit, so should Trump ease up on China tariffs?
CNBC reported Sunday that U.S. farmers lost their fourth largest customer this week after China officially cancelled all purchases of U.S. agricultural products, a retaliatory move following President Donald Trump’s pledge to slap 10% tariffs on $300 billion of Chinese imports.
According to CNBC, China’s exit piles on to a devastating year for farmers, who’ve struggled through record flooding and droughts that destroyed crop yields, and trade war escalations that have lowered prices and profits this year.
“It’s really, really getting bad out here,” Bob Kuylen, a farmer of 35 years in North Dakota, told CNBC.
“There’s no incentive to keep farming, except that I’ve invested everything I have in farming, and it’s hard to walk away.” He continued, “Trump is ruining our markets. No one is buying our product no more, and we have no markets no more.”
Agriculture exports to China dropped by more than half last year.
In 2017, China imported $19.5 billion in agricultural goods, making it the second-largest buyer overall for American farmers. In 2018, that dropped to $9.2 billion as the trade war escalated, according to the United States Department of Agriculture.
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