Trade War Issues US Farmers Are Filing For Bankruptcy

Due To The Trade War Issues US Farmers Are Filing For Bankruptcy

Business

According to the latest reports The trade war between US and China is hurting more to the US farmers because it’s been found that more US farmers are struggling very hard to make the profit and many of them have filed for bankruptcy also. As per the reports, more than 84 farms in the upper Midwest have filed for bankruptcy because many of them are not in a strong financial position to pay off their debts. According to many economists, many farmers who produce milk, soybeans, corn, and beef are not able to sell their stock of goods in the global market because of the ongoing trade war between US and China. China has already imposed many taxes on US agricultural importing products due to which it’s getting hard for US farmers to sell in China. On the hand other hands, many other countries including Canada have also decided to levy more duties on US agricultural products to counter-attack Trump’s decision to impose taxes on all imported steel aluminum products.

The ongoing battle against the china regarding the trade is not at all benefiting US farmers because according to some reports it’s been estimated that US government had to give more than $12 billions of dollars as compensation to those farmers whose farming got affected because of this tariff issues. There are lots of speculations going on regarding the Trump Administration’s decision about ending this trade war with China, but it seems like the condition is getting worse every day because none of both countries are in the mood to finish this deadliest trade war. From last few months, the US government has decided to levy more extra taxes on imported items from China and reportedly more than 200 billions of dollars of taxes have so far collected on Chinese imported items. But on the other hand China has also increased their fees on American imports which is now hurting US economy.

There are some ways through which trump administration is trying their best to stabilize the agricultural sector, and one of them is by giving farmers direct cash assistance which according to some experts is the best way to bail out those farmers who are suffering because of this tariff issue. However, it seems like this trade war is going to last for more few months and the US government will have to implement more programmes to help the US farmers to get out of this situation.

John Hagel

Jeffrey is acting editor in chief of AmazingNews24 with over seven years of experience in the field of online news under his belt. Jeffrey has worked with multiple media houses and is currently leading a team of journalists, sub-editors and writers through his entrepreneurial endeavours.

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