In a joint statement, the countries` heads of state and government said the trade deal would be a decisive part of their plans to recover from the pandemic that has forced countries around the world to block their economies. Peter Navarro, director of the White House`s Bureau of Trade and Manufacturing Policy, said the tariffs were “purely defensive measures” to reduce the trade deficit. [56] He says that the cumulative billions of dollars that Americans transfer abroad due to annual deficits are then used by these countries to buy U.S. assets instead of investing that money in the U.S. These billions of dollars are in the hands of foreigners who can use them to buy America. [57] U.S. farmers are particularly affected by Chinese trading platforms. [194] In response, the Trump administration`s assistance to farmers` difficulties has taken the form of cash payments, securing additional trade agreements, and changing environmental legislation in favor of corn farmers. [202] [203] [204] [205] According to the American Farm Bureau, U.S. agricultural exports to China increased from $24 billion in 2014 to $9.1 billion in 2018, including lower sales of pork, soybeans, and wheat. Farm bankruptcies have increased and agricultural machinery maker Deere & Company cut its profit forecast twice between January and August 2019.

[203] An August 2019 USDA report showed that Canadian wheat exports to China increased from 32% to more than 60% as U.S. wheat exports to China increased. [203] [206] Producers of agricultural machinery were negatively affected by farmers` reluctance to invest in new equipment, with turnover falling significantly in the first quarter of 2019. [207] [203] Despite the negative effects, July 2019 polls showed that most farmers continued to support Trump, with 78% saying they believed the trade war would eventually benefit U.S. agriculture. [208] In February 2020, the Government Accountability Office announced that it would review the program because it was reported that the aid had been poorly distributed. [209] Details of the basic approach to representing the 2020 annual targets on trade data are available at Bown (2020). . . .