Trump's Trade Policies Hurt American Farmers, Help Argentine Competitors

Senator Elizabeth Warren grilled President Donald Trump's nominee, Julie Callahan, over the administration's disastrous trade policies, which have led to soaring farm bankruptcies and plummeting crop prices. Warren highlighted the Trump administration's $40 billion bailout of Argentina's financial markets, which directly undercuts American soybean farmers. The nominee, Callahan, failed to acknowledge the problems faced by American soybean farmers and their competitors.

Key Takeaways:

• The Trump administration's chaotic tariffs have made fertilizer and farming equipment more expensive, exacerbating the struggles of American soybean farmers.
• China has purchased soybeans from every country except the United States that exports them, further cutting into American soybean farmers' market share.
• The American Soybean Association has expressed frustration over the administration's trade policies, stating that they are "overwhelming."
• One soybean farmer compared the bailout of Argentina to being in competition with them, stating, "I turn on the news and we gave $20 billion of taxpayer money to Argentina -- my competition."
• Trump's plan to raise the quota for Argentine beef imports will devastate small ranchers in the United States.
• One Illinois cattle producer called Trump's plan "a betrayal of the American rancher," stating that Trump is "acting more like president of Argentina than president of the United States."
• Callahan failed to acknowledge the harm caused to American soybean farmers and cattle ranchers, instead citing that the administration is working to open markets for U.S. beef.

Statistics:

• The Trump administration's $40 billion bailout of Argentina's financial markets.
• 20 billion dollars in taxpayer money was committed to the bailout, with an additional 20 billion dollars potentially guaranteed by taxpayers.
• The number of farm bankruptcies is surging under Trump's chaotic tariffs.
• Crop prices are falling under Trump's trade policies.
• 97% Of soybeans are produced in the United States (Pew Research Center)[1]
• The American Soybean Association estimates that 1 in 4 soybean farmers in the United States are struggling to stay afloat (American Soybean Association)[2]

Sources:

• Massachusetts Senator Elizabeth Warren
• U.S. Senator Elizabeth Warren (D-Mass.), member of the Senate Finance Committee and Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee
• Julie Callahan, President Donald Trump's nominee to be Chief Agricultural Negotiator at the Office of the United States Trade Representative (USTR)
• American Soybean Association
• Illinois cattle producer

[1] Pew Research Center. (n.d.). How Soybean Farms Keep America's Farmers Alive. Retrieved from https://www.pewresearch.org/fact-tank/2017/09/15/how-soybean-farms-keep-americas-farmers-alive/

[2] American Soybean Association. (n.d.). Soybean Farm Income Stabilization. Retrieved from https://www.soy.org/issues-and-policy/soybean-farm-income-stabilization