China’s announcement Monday of higher tariffs on $60 billion of American exports hit particularly hard in the U.S. farm belt.
FILE - In this March 5, 2019, file photo, cargo containers are staged near cranes at the Port of Tacoma, in Tacoma, Wash. China has announced tariff hikes on $60 billion of U.S. goods in retaliation for President Donald Trump's escalation of a fight over technology and other trade disputes. The Finance Ministry said Monday, May 13, the penalty duties of 5% to 25% on hundreds of U.S. products including batteries, spinach and coffee take effect June 1.
The latest news of a new round of tariffs, with no agreement in sight, spooked the financial markets and some farmers who had been tentatively optimistic. “This is the fifth year of low prices, basically, for crops,” Hultman said. “I think time is just wearing us out.” On Monday, Trump told reporters that a new program to relieve U.S. farmers’ pain is being devised and predicted that they will be “very happy.” The administration last year handed farmers aid worth $11 billion to offset losses from trade conflicts.
He also said that some fellow farmers he speaks with are beginning to sound notes of discontent with the Trump administration.
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