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Losing the world’s most populous country as an export market has been a major blow to the agriculture industry. Total American agricultural exports to China were $24 billion in 2014 and fell to $9.1 billion last year, according to the American Farm Bureau. Exports of farm products to China fell by $1.3 billion in the first half of the year, the agriculture group said this month.
A report from the Agriculture Department this month found that Canadian wheat exports to China have “rocketed” this year, while exports from the United States have plunged.
The administration has tried to mollify farmers by rolling out two financial aid packages totaling $28 billion. The White House has also dispatched Mr. Perdue, the 72-year-old former governor of Georgia who was raised on a farm and trained as a veterinarian, to places like Minnesota, Iowa and Wisconsin to calm the nerves of farmers.
But as the trade fight gets uglier, farmers are beginning to panic. Last week, Mr. Trump said he would increase tariffs on $250 billion worth of Chinese imports to 30 percent and impose a 15 percent tax on another $300 billion worth later this year. China has already said it will no longer buy American agricultural products and announced on Friday that it would raise tariffs on $75 billion of exports from America.
COVERING CROPS: HOW FEDERAL CROP INSURANCE PROGRAM REFORMS CAN REDUCE COSTS, EMPOWER FARMERS, AND PROTECT NATURAL RESOURCES
Crop Insurance: A Good Deal for Taxpayers?
PERCENTAGE OF SMALL MEDIUM AND LARGE FARMS IN THE U.S.
Highlights From the August 2019 Farm Income Forecast
What Are U.S. Farm Subsidies?
What You Should Know About Who Receives Farm Subsidies
Fact: Farm Households Have Much Greater Income and Wealth than All U.S. Households. Even looking at the income and wealth of all farm households, not just those receiving farm subsidies, the income and wealth numbers are staggering. In 2016, the median household income for all farms was $76,000, which is 29 percent greater than the median income for all U.S. households ($59,039)
The median farm household wealth for all farms was $897,000, which is nine times greater than the median household wealth for all U.S. households ($97,300)
When looking at the income and wealth for farm households that receive most of these subsidies, the numbers become even more illuminating (see Charts 1 and 2).
Downsizing the Federal Government: Agricultural Subsidies