Trump suggested on Twitter today that he would give more bailout payments to farmers this year as they wait for trade deals to boost farm exports
Trump’s dangling of extra bailout money stands in contrast to his recent boasts that farmers should start buying more land and “bigger tractors” to keep up with the historic boom that he promised his new trade agreements would deliver.
“I would not anticipate it,” Perdue said Thursday at USDA’s annual Agricultural Outlook Forum in Arlington, Va. Farmers have "got to farm for the market and what it’s telling them and what their capabilities are from a production perspective.”The department on Thursday projected thatwould total $14 billion this year, up from $10 billion in fiscal 2019. That estimate was far short of the $40 billion in U.S.
The USDA aid program was largely responsible for keeping many farmers afloat in 2019. Producers faced a steep drop in exports and commodity prices in the thick of Trump’s tariff fight with Beijing, while other headwinds like historic flooding and rising debt levels added even more financial strain on the industry. In 2019,Just this month, however, the department predicted that farm income would grow in 2020 despite the latest projections that federal payments to farmers.
It’s still unclear how much Trump’s limited trade deal with China and the newly signed USMCA pact will add to the bottom lines of American farmers and ranchers. Trade analysts have questioned whether China’s pledge to purchase more than $40 billion in U.S. farm goods in 2020 and 2021 each is feasible, given supply and demand constraints and global trading rules.
The ongoing coronavirus outbreak has also put a dent in China’s economic activity, which could further delay Beijing’s ability to follow through on its import commitments under the deal.
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