Politico reports South Dakota governor says Trump trade wars have ‘devastated’ the state
“South Dakota has been devastated by the trade wars that are going on,” Noem said at POLITICO’s State Solutions Conference, noting that agriculture is “by far” the largest industry in the state.
“The problem is that this has gone on now for a long period of time,” she said. “And farmers are used to risk, they’re used to prices going up and down and having that, but this sustained low commodity prices, frankly, is driving a lot of family businesses out of business. That is why we need to have some serious consideration for wrapping this up quickly.”
This is one of the reasons to expect a deal in March. The farm states have been clobbered.
I further expect Trump to brag about the “best trade deal in history”. In practice, any deal may do little more than return to the status quo. Alternatively, the trade gap with China my close a bit but widen elsewhere.
With $1 trillion or more budget deficits as far as the eye can see coupled with the US dollar reserve currency status, it is unrealistic to expect Trump to close trade deficits no matter what China agrees to do on paper.
Mike “Mish” Shedlock
the real disgusting thing about trump supporters , they dont care who got steamrolled by trump’s actions ..
– when shutdown being pain to federal workers , these trump supporters call for RIF to the poor unpaid workers and laugh at the pain
– when texas land owners near border protest trump wall , they got insulted and told to be lucky to have free wall in their land.
– when farmers lost it due to trump stupid trade wars , these trumptards dont give a f***
the sad part the economic team in trump admin also think collateral damage is fine and you cannot get a better example than Ross explaining how fed workers can get a loan , an US farm issues only very insignificant amount on GDP.
it just sad , the pointless tradewar will destroy american people instead of deterring china..
Zero Hedge headline:” Bernanke Killed the World Economy, New Academic Study Says”
A cycle will always complete itself. Smoot Hawley happened at the same phase of the cycle last time around. Glass Steagall was also eliminated to repeat the same conditions that existed that existed at the end of the 1920’s. The SEC lifted leverage limits for the Big Five investment banks, to repeat the conditions of excessive bank leverage at the end of the 1920’s. AOC wants a green New Deal. War talk is all over the place. last time around, it was world War 2.
The important cycle, the one which started with increasingly free and enlightened Westerners marginalizing and leaving behind the Muzzies 500 years ago, is also coming to an end; now that the Muzzies are increasingly pulling ahead of the West on both the freedom and enlightenment scorecards. Due to very little effort on their own part, but still….
Agriculture commodity prices are a function of global speculation, not demand. Political leaders are powerless against such forces.
Sustained low commodity prices the result of trade wars? But that’s a good thing!
I think the Governor’s comments were taken out of context here. She goes on to say, “… but this sustained low commodity prices, frankly, is driving a lot of family businesses out of business” Well, duh. The ag commodities have been in sustained bear markets now for the past 6 years. Grain prices were cut in half. How is that Trump’s fault? Anyway, low commodity prices is good news for consumers.
South Dakota will make a panel of experts, mostly comprised of Scott Adams, creator of “Dilbert”, to examine the problem of how Trump has devastated North Dakota. They will also look into fake reports of Hillary Clinton having a degenerative brain disease, spread by Russian agents in the lead-up to the 2018 election and amplified by useful fools like Mish Shedlock.
It’s hard for Trump to make a deal, he really loves tariffs.
He likes saying the word. For him it’s all about whether he likes saying it
They are electoral college votes
I would still rather live and work in “devastated” South Dakota than in Chicago.
troll , you got big mouth .. you post lies everytime you are here and now you spout another nonsensical post..
No worries, when we’ve been trumped good and hard all we have to worry about is who’s going to be next. There’s just no ‘winning’ period it seems.
What, signing the E15 year round mandate to increase Ethanol usage wasn’t enough?
We import fake organic soybeans grown in the Ukraine (they are GMO), via Turkey, and send our GMO soybeans to China. Maybe we should just send our GMO soybeans to Turkey where they can magically become USDA certified “Organic” and come back here.
South Dakota was devastated before Trump was even born.