GUEST: Scott Faber, Senior Vice President of the Environmental Working Group
BACKGROUND: President Donald Trump issued yet another threat of tariffs against China on Friday to the tune of 10% on $300 billion worth of Chinese imports. China is now no longer the US's top trading partner for the first time in more than a decade. Meanwhile, stocks sank on Friday in response to the announced tariffs in what investors say was the worst week of 2019.
While Trump has claimed that his trade war with China has not hurt the economy, this administration has announced a $16 billion aid package for American farm businesses, as a bailout for those hurt by the trade war. But the Environmental Working Group has warned that last year's bailout went to those farms that were already among the nation's richest. And, nearly 100% of all subsidies rewarded white-owned farms. Trump considers farmers to be one of his top constituencies.
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