Former Agriculture Secretary Tom Vilsack told CNBC that the Trump administration has 'very limited options' for a new trade relief program for U.S. farmers and may require congressional authorization.
Agriculture Secretary Sonny Perdue on Friday said President Donald Trump has directed his agency to work on a plan to help farmers impacted by the ongoing trade war with China.
Vilsack also suggested the program may require congressional approval, although a trade mitigation plan the USDA unveiled last year for American farmers impacted by retaliatory tariffs didn't require it. "I think what the president was talking about was buying a bunch of soybeans," said Vilsack, a former Iowa governor who served in the USDA during the Obama administration."And even if the secretary can identify the resources to purchase crops and products, getting them to countries requires a second step by USAID [U.S. Agency for International Development] and the State Department.
But China last year imposed 25% tariffs on a variety of agricultural products including soybeans — a top commodity in many states where Trump received strong support during the 2016 presidential election. "They would prefer to take cash because they don't want to disrupt their own agricultural economy by having foreign crops come in and displace domestically produced crops," he said.
The former USDA secretary said he's concerned that Trump's plan to expand tariffs on Chinese imports so that they include another $325 billion in goods could make the trade conflict last longer and even more painful for American farmers. He also suggests that any benefits of a deal down the road may not be worth it in the end.
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