President Donald Trump’s $20 billion bailout for Argentina is receiving criticism as experts argue that the move undercuts American soybean farmers who are currently struggling under his administration’s trade and tariff regime.
Argentina Supplying Soybeans To China
On Thursday, in a post on X, Sen. Chuck Grassley (R-Iowa) said that farmers in the country were disgruntled with Argentina shipping soybeans to China, so soon after receiving an American bailout, effectively undercutting American growers who dominated this market, before the tariffs.
See Also: Elizabeth Warren Says Jerome Powell Is ‘Right,’ Blames Trump’s ‘Chaotic Tariff Policies’ For Surging Prices
He noted that China is still imposing a 20% retaliatory tariff on American crops and stressed that farmers urgently need a trade deal to regain access to markets.
Editor-in-Chief of MeidasTouch, Ron Filipkowski, also weighed in, noting the plight of American farmers. “We are bailing out Argentina while Argentina’s farmers sell soybeans to China in the place of American farmers,” which he said, “is putting them out of business.”
Filipkowski adds that the Trump administration will now be bailing out farmers, while “Argentinian farmers make bank,” calling it an example of “Trump’s America First Golden Age.”
$20 Billion To ‘Prop Failed Policies In Argentina’
Investor Ross Gerber said that this bailout for Argentina is a case of history repeating itself. In a post on X, Gerber said, “So they want to prop failed policies in Argentina with $20 billion in US tax payers dollars. This has happened over and over again.”
Gerber’s post referenced Evita, the iconic First Lady of Argentina Eva Perón who became a symbol of populism in the 1940s, while mocking the current President Javier Milei, known for brandishing a chainsaw on the campaign trail to symbolize deep spending cuts.
Soybean Farmers Plead For A Purchase Commitment
With the escalating trade tensions between the U.S. and China, American soybean farmers have been bearing the brunt, with many expected to lose as much as $100 per acre this harvest season. This comes as China begins sourcing soybeans from Brazil.
The American Soybean Association has since urged Trump to secure a trade deal with China that includes substantial purchasing commitments for the crop.
Read More:
Trump’s New Tariff Barrage Targets Drugs, Trucks, Cabinets: President Says Move Will Protect Manufacturers From ‘Unfair Outside Competition’
Photo Courtesy: IAB Studio on Shutterstock.com