Bloomberg says he would de-escalate trade tensions with China
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Democratic presidential prospect Michael Bloomberg on Friday pledged to de-escalate U.S.-China trade tensions, make it easier for farmers to employ foreign laborers and increase federal agricultural research.
The former NY mayor's farm policy program, first reported by Reuters, comes prior to the March 3 nomination contests in 14 states, including farm-heavy states like Minnesota and Oklahoma.
Bloomberg, a billionaire who's self-financing his campaign, is a leading applicant in the Democratic nomination contest to take on Republican President Donald Trump in the November election.
He has been one of Trump's harshest critics on the campaign trail - sometimes trading personal insults with the president - and on Friday he slammed the administration over its trade policies that have led trading partners, notably China, to place heavy tariffs on U.S. farm exports.
"Trump's trade war has been devastating for America's farmers," he said in a statement.
Despite Trump's trade policies, polls indicate he still enjoys broad support among farmers.
Bloomberg's plan does not provide many details how he'd resolve trade differences, but he pledged to "unlock fair and open markets for American farmers by holding China accountable." He also said he'd work more with allies and the World Trade Organization "while de-escalating U.S.-China trade tensions."
Trump has clashed with China over trade policy, leading both sides to levy tariffs on the other's exports. The administration has already approved $28 billion in government aid for farmers to offset tumbling farm commodities prices.
A deal that arrived to effect this month has reduced some tensions, with China slated to improve purchases of U.S. goods. However, a coronavirus outbreak is slowing China's economy, calling into question its ability to make the mandatory purchases.
In his plan, Bloomberg pledged to double federal investments in agricultural research and make an agricultural visa program "more flexible for farm employees and farmers." He also vowed to bolster small farms by reversing some Trump administration moves, including shuttering an agency, GIPSA, charged with enforcing antitrust law in the meatpacking sector.
As he has risen in public areas opinion polls, Bloomberg in addition has drawn growing scrutiny and attacks from rivals, including a social media post promoted by Trump's son, Donald Trump Jr. That post showed 2016 remarks by Bloomberg that have been edited in order that it appeared he was describing farming as simplistic.
The unedited remarks show Bloomberg was describing the annals of "agrarian society" instead of modern farming.
Source: https://www.nasdaq.com
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