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The US Farmers Association called for an immediate stop of trade wars
Views:1810 Updated:2019-05-17
Foreign media said,
A major agricultural organization in the United States called for an end to the Sino-US trade war on the 15th, saying that export losses are accumulating the burden of American agriculture that is already in trouble.

According to Agence France-Presse reported on May 15, the American Federation of Farmers’ Associations announced on the 15th a letter to President Trump, saying that "the time left for most farmers is not much."

According to data from the Federation of Agricultural Associations, agricultural income has fallen by half in the past six years due to falling commodity prices; and the bankruptcy of granaries in the Midwest has soared because many farmers have difficulty repaying their debts.

The report said that the trade war with China has ruined the export of American agricultural products to China, and China has always been a huge market for US soybeans, pork and other products.

The president of the Agricultural Association, Qipi Duval, said in the letter: "Now American farmers and farmers are facing China’s third tariff increase in retaliation for the recent increase in tariffs in the United States."

Duval also said that due to the lack of export markets, some farmers who have recovered from the floods decided to abandon planting this season.

He said: "We ask your trade negotiators to reach an agreement as soon as possible to end the tariff war. It is cutting our exports and destroying a once promising agricultural market, leading to a deterioration of the agricultural economy and giving many farmers and The farmer’s family and other Americans whose work is related to agricultural production pose serious pressure and uncertainty.”

According to the British "Financial Times" website reported on May 15, Macy's Department of the Department issued a warning that if President Trump implements his latest tariff policy, its profits will be damaged. This is a sign that the US business community is increasingly uneasy about Sino-US trade relations.

The US retailer warned on the 15th that if the US government imposes a 25% tariff on Chinese imports worth US$300 billion, its annual sales and profit targets will be threatened.

Macy's has 130,000 employees and operates about 680 department stores.

According to the report, retailers are working hard to diversify their supply chains and transfer sources of procurement outside of China. But analysts warn that rising import costs will force retailers to either raise prices or sacrifice profit margins. UBS retail analysts estimated in a research report this week that tariffs "may cost another $40 billion in sales and 12,000 stores at risk."

In addition, according to the British "Financial Times" website reported on May 15, Trump has always believed that American consumers will unscathed from the trade war he launched, but economists worry that American families have begun to suffer from the previous rounds. Tariffs are hit, and as hostilities escalate, they will face an increasing burden.

Although Trump claims that American families “have no reason to pay” tariffs, recent academic research suggests that existing taxation costs have been passed on to households and businesses.

Deutsche Bank's Torsten Sloan said that the deterioration of the trade war may lead to the loss of corporate, financial markets and consumer confidence, which may damage economic growth and cause problems for Fed policymakers.

Mark Zandi, chief economist at Moody's Analytics, said: "These tariffs are invisible taxes imposed on US businesses and consumers." He said that if Trump further increases the stakes and targets all Chinese imports, then " American consumers will become cannon fodder for trade wars."

Mary Amiti of the Federal Reserve Bank of New York, Stephen Redding of Princeton University, and David Weinstein of Columbia University in March found that the “comprehensive outbreak” of tariff wars has affected domestic consumers so far.