US President Donald Trump announced Friday that he can offer additional financial assistance to the country’s farmers and farmers affected by trade tensions with China and the new treaty with Mexico and Canada, in recognition of the growing economic effects Adverse generated by its aggressive protectionism.
“If our farmers and farmers need additional help until trade agreements with China, Mexico, Canada and others come into full force, that help will be provided by the federal government,” Trump said, all in capital letters, in his account. Twitter
The administration of the US president has already launched two billionaire programs of financial assistance to the field of almost 30,000 million dollars after that as a result of its commercial war with China, Beijing imposed tariffs on numerous American products, such as soybeans or pork, who saw how suddenly they were displaced by other countries as suppliers.
The loss of access to the Chinese market, the fastest growing in the world, has generated complaints and concerns in the United States.
Trump approved in January the first phase of a trade agreement with China that reverses some of the mutual tariffs and included the commitment of the Asian giant to increase purchases of US products; and ratified the new North American Trade Agreement with Mexico and Canada, after numerous delays and the Canadian legislature is still pending.
However, the recent outbreak of the coronavirus in China has raised concerns about its possible effects on the world economy.
To try to contain the outbreak, China, the second world economy behind the US and global center of supply chains, has applied severe internal travel restrictions and numerous factories have halted or slowed down their activity.
The technology giant Apple acknowledged Monday that it will not get the expected revenue for the first quarter of the year due to the coronavirus, which has hurt the sale and production of iPhone phones in China.
In the same vein, the White House economic advisor, Larry kudlow, said that it is difficult for Beijing to comply with the commitments made under the trade agreement due to the economic slowdown and the consequent fall in demand.