Farmers may need a third round of government aid next year if political in-fight...
CHICAGO - Farmers may need a third round of government aid next year if political in-fighting during the 2020 U.S. election cycle prevents the Trump administration from landing trade deals and reopening top export markets, the head of the largest U.S. farm lobby said on Tuesday.
Farmers have struggled to stay afloat this year as top U.S. soybean buyer China curtails purchases. They are counting on other markets like Mexico and Europe to buy their agricultural goods. On Tuesday, President Donald Trump, a Republican, formally kicked off his re-election bid and tweeted that the United States and China would restart trade talks. Trump said he would meet with Chinese President Xi Jinping at the G20 summit later this month, and that talks between the two countries would restart after a long lull.
The Trump administration has, so far, pledged as much as $28 billion in support payments to U.S. farmers in two separate rounds, to compensate for lower prices for farm goods and lost sales stemming from trade disputes with China and other nations. The funds came from the Commodity Credit Corporation , established during the Great Depression in the 1930s, to compensate farmers for an estimated $11 billion in losses due to the trade wars.
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