President Donald Trump addressed U.S. farmers on Tuesday, Aug. 6, assuring them that the aggressive measures China was taking against their country’s agriculture “could not hurt them” and that if necessary he would support them in 2020.
Amid the current climate of tensions of the so-called trade war between the two countries, President Trump said yesterday that there won’t be anything new, stating that his country is in “a very solid position.”
The president’s statements come after the Chinese Ministry of Commerce reported that it had decided to stop buying U.S. agricultural products after President Trump announced the 10% tariffs on 300 billion Chinese products last week, according to CNBC.
In the announcement made by the Chinese on Monday, they were also considering tariffs on U.S. agricultural imports purchased after Aug. 3.
The Asian giant had also included a drop in the yuan beyond the key level of 7 per U.S. dollar for the first time in more than a decade, which led President Trump to consider China a currency manipulator, according to Reuters.
These measures aimed directly at slowing the expansion of U.S. agriculture were addressed by the president, who on Twitter expressed his unconditional support for the country’s farmers.
“As they have learned in the last two years, our great American farmers know that China will not be able to hurt them because their President is standing with them and done what no other president would do. And I’ll do it again next year if necessary,” the president said on Twitter.
The president also tweet on Tuesday: “Massive amounts of money from China and other parts of the world is pouring into the United States for reasons of safety, investment, and interest rates! We are in a very strong position. Companies are also coming to the United States in big numbers. A beautiful thing to watch!”
Aid in the last two years for the U.S. agricultural sector is estimated at $28 billion, according to Reuters.
As CNBC pointed out, the Trump administration has already granted several billion dollars in bailouts to farmers who are threatened by the current tariff situation between the two nations. In May, the Department of Agriculture presented a $16 billion aid package.
Meanwhile, Reuters news agency said White House economic adviser Larry Kudlow said the government wants to continue trade talks with China and still plans to receive a delegation from Beijing for further negotiations in September.
The adviser also said the economy was on a healthy path and noted that he did not see a global recession on the horizon, even if the current confrontational scenario in the economic sector slows trade.