Addressing a press conference William Northey told the press that the Agricultural department of United State has already paid $7.7 billion to farmers. William Northey who holds the position of undersecretary at Farm Production and Conservation, further told the reporters that the steps have been taken to protect the interest of farmers. Earlier president Donald Trump had levied a high tariff on the products which were exported to China. After placing the tariff Mr. Trump had promised to pay a relief fund of $12 billion to the farming industry.
Mr. Northey made a comment just days before Mr. Trump is set to have a trade meeting with Liu He, the Vice Premier of China. According to some economists if the trade deal between the US and China didn’t go well then the current tariff rate could increase from 10% to 25%.
Speaking at one of the press conferences, Mr. Trump said that the deadline date of March 1 is flexible. He further assured that he hasn’t assured to make any compromise on upcoming Friday meet. Contrary to Trump’s comment, Robert Lighthizer stated that March 1 is indeed the deadline. Robert Lighthizer is a trade negotiator of US.
Earlier when Trump announced the relief package for the farmers then Ben Sasse told the press that Trump’s present endeavor would lead the country to similar situations like they were in 1929. This trade policy made by the American president has created anxiety and chaos among the farmers across the nation. According to one pork producer, if the US loses hold in the export market then it is bound to suffer an economic standpoint.
In an interview with NBC, John Newton told that farmers need to understand the working strategy of China which is making more profit out of their great expense and hard work. Due to the present trade policy, the US has suffered a loss of 22 million tones soybean export to China. According to USDA, the export to China will further witness a fall of $1.9 billion during the present year.