U.S. plans more aid for farmers badly hurt by U.S.-China tariff war GlobeBusiness
U.S. Agriculture Secretary Sonny Perdue said on Friday that President Donald Trump had asked him to create a plan to help American farmers cope with the heavy impact of the U.S.-China trade war on agriculture.
The toll on U.S. agriculture has been heavy, in a sector that has largely been supportive of Trump. Soybeans are the most valuable U.S. farm export, and shipments to China dropped to a 16-year low in 2018, while soybean futures prices fell this week to 11-year lows – and once again closed down on Friday.
Trump on Twitter erroneously wrote that China would pay the tariffs. However, it is the importer - usually U.S. companies or the U.S.-registered units of foreign companies - that shoulder the costs.“With the over 100 billion dollars in tariffs that we take in, we will buy agricultural products from our great farmers, in larger amounts than China ever did, and ship it to poor & starving countries in the form of humanitarian assistance,” Trump wrote on Twitter.
U.S. Customs and Border Protection collects the tax on imports. The agency typically requires importers to pay duties within 10 days of their shipments clearing customs. In the past week, however, the draft trade deal fell apart after sources said China reversed on previous commitments.
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