Soybean farmers affected by tariffs to receive revenue as aid
The article reports that president Donald Trump announced financial aid for U.S. soybean farmers affected by tariffs amid the ongoing trade dispute with China. Trump stated that a small portion of the revenue generated from tariffs would be used to support farmers, notably soybean producers who have been hurt due to decreased Chinese purchases. China reduced its soybean imports from the U.S. in retaliation to the tariffs,opting instead for alternatives like Argentine soybeans. Trump mentioned plans to meet with Chinese President Xi Jinping soon, with soybeans expected to be a major topic of discussion. Additionally, new tariffs on various imports, including trucks, furniture, and kitchen products, took effect, and Trump threatened further tariffs on foreign-made movies.
Trump says soybean farmers hit by tariffs will receive some revenue for aid
President Donald Trump said on Wednesday that soybean farmers will get a financial break amid the United States’s tariff battles, adding that the U.S. will use “a small portion” of the revenue brought in by tariffs.
China has slowed its purchase of U.S. soybeans following the tariffs Trump announced earlier this year, prompting China to implement its own tariffs on U.S. goods. Trump said China isn’t buying soybeans for “negotiating” reasons amid the tariff fight, and said the plant’s farmers are being “hurt” in the midst of it.
“We’ve made so much money on Tariffs, that we are going to take a small portion of that money, and help our Farmers. I WILL NEVER LET OUR FARMERS DOWN! Sleepy Joe Biden didn’t enforce our Agreement with China, where they were going to purchase Billions of Dollars of our Farm Product, but Soybeans, in particular. It’s all going to work out very well,” Trump said on Truth Social.
Trump also said he would meet with China’s President Xi Jinping “in four weeks,” and soybeans would be a “major topic” during their discussion. Trump announced in September that he would meet with Xi at the Asia-Pacific Economic Cooperation summit in South Korea, marking their first face-to-face meeting in Trump’s second term.
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China purchased at least 10 shipments of soybeans last month from Argentina, weighing 65,000 metric tons each.
Wednesday marked another round of tariffs going into effect, including a 25% tariff on “heavy” trucks made outside the U.S., a 50% tariff on all kitchen cabinets, bathroom vanities, and associated products, and a 30% tariff on upholstered furniture. Trump further warned that he would implement a 100% tariff on movies made outside the U.S.
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