Amid the impeachment trials, President Donald Trump announced during his speech that US agricultural players would greatly benefit from phase one of the China-US trade deal. He also waived a Farm Journal poll that manifested the administration's strong support for ranchers and farmers.
Last Sunday, US President Donald Trump delivered his speech at the annual American Farm Bureau Federation convention in Austin, Texas. He started by showing the audience a copy of a Farm Journal poll that ascertained the protection and support of US agricultural businesses that would benefit from the completion of phase one of the China-US trade deal.
Trump said that farmers and ranchers would greatly benefit from the protracted tariff war with China that would lead to significant increases in purchases for US agricultural products. He said that the finalization of the phase one trade deal last Wednesday caused him to allocate multibillion-dollar bailouts for US producers.
Awaiting his impeachment trial to commence by Tuesday, Trump exclaimed that he might be impeached but he knows that the US farmers are on his side. He also assured the audience that he would vigorously enforce the trade deal agreement to compel China to uphold its promises to US agricultural businesses.
According to Market Watch, the said poll showed that about 83 percent of US farmers support Trump. The said rate was the highest approval rating of any US president in that poll.
The Farm Journal Pulse poll that was completed before Trump's speech showed that 64 percent or 1,286 of the respondents strongly approve Trump's performance as the State's leader while j19 percent merely approved of the sentiment. About 13 percent of the respondents did not agree. The said approval was assumed to be due to the major trade developments Trump entered into in the last week.
Phase one of the China-US trade deal reduced trade tensions between the parties and alleviated the adverse effects it had on global growth. Therein, China promised to purchase at least an additional 12 billion USD worth of agricultural products from the US by 2020. It was also assured that China would also continue the purchases by 2021, which must reach a minimum of 24 billion USD.
However, analysts claimed that issues between the countries have not been totally eradicated during phase one of the China-US trade deal. They said that although the trade deal would benefit farmers, there is still an imposed 25 percent tariff rate on 250 billion of Chinese industrial goods to US manufacturers. They added that China's retaliatory tariffs also remain for over 100 billion USD in USD goods.
