Chinese-owned company qualifies for Trump's anti-China farm bailout

[mahatmakanejeeves]

Source: Washington Post

Business
Chinese-owned company qualifies for Trump's anti-China farm bailout

By Jeff Stein
Reporter for Wonkblog
October 23 at 8:16 AM

A Chinese-owned pork producer is eligible for federal payments under President Trump's $12 billion farm bailout, a program established to help U.S. farmers hurt by Trump's trade war with China.

Smithfield Foods, a Virginia-based pork producer acquired in 2013 by a Chinese conglomerate now named WH Group, can apply for federal money under the bailout program created this summer, said Agriculture Department spokesman Carl E. Purvis.

JBS, a subsidiary of a Brazilian company by the same name, is also eligible to apply for the federal money. The two companies are the biggest pork producers in the United States, according to the National Pork Board, a quasi-government agency.

The Agriculture Department said in August that, as part of a broader bailout, it will buy $1.2 billion of surplus food from farmers for distribution in food banks across the country, including about $560 million in planned pork purchases. The administration has billed the plan as an effort to shield farmers from retaliatory tariffs from China.
....

Jeff Stein is a policy reporter on The Washington Post's Wonkblog team. Before joining The Post, Stein was a congressional reporter for Vox, where he wrote primarily about the Democratic Party and the left. In 2014, he founded the local news nonprofit the Ithaca Voice in Upstate New York. Follow https://twitter.com/jstein_wapo

Read more: https://www.washingtonpost.com/business/economy/chinese-owned-pork-producer-qualifies-for-money-under-trumps-farm-bailout/2018/10/23/154764da-d3ce-11e8-83d6-291fcead2ab1_story.html

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"The large print giveth, and the small print taketh away."

https://en.wikiquote.org/wiki/Tom_Waits

But I'm sure the words go back farther than that.

[marble falls]

1. Fucking classic.

[Achilleaze]

2. republican welfare for "Chiner" - repubes squander our tax money

freaking republicans are dangerous for America

[Grins]

3. Thanks, Trump! Or should I say " 谢谢" (xixie) in Mandarin, and "Obrigado" in Portuguese...?

Thanks, Trump! Or should I say " 谢谢" (xièxie) in Mandarin, and "Obrigado" in Portuguese...?

[CrispyQ]

4. Read the last line: "But you should mention I'm still a supporter of Trump."

[rurallib]

5. They can fight Grassley for the handout

https://www.huffingtonpost.com/entry/grassley-applying-for-trumps-farm-bailout-funds_us_5bb15303e4b0343b3dc1591c

Sen. Chuck Grassley (R-Iowa) supported President Donald Trump’s $12 billion bailout for U.S. farmers to mitigate the damaging effects of the trade war. Now the senator is applying for those same bailout funds for his own 750-acre Iowa farm, The Washington Post reports.

[duforsure]

6. Why is this happening?

Business here owned by China should not be getting any of our hard earned American dollars for anything, especially when Americans are being cut off getting anything? Why would people vote for people who would allow this to continue?

[mahatmakanejeeves]

7. As Otto von Bismarck did not say:

"Laws are like sausages. It’s better not to see them being made."

Laws are Like Sausages. Better Not to See Them Being Made
....

In March of 2009 Fred Shapiro discussed the quote in a posting at the Freakonomics blog of the New York Times. He updated the findings reported in the Yale Book of Quotations [FSB]:

This is usually attributed to Bismarck, but the Iron Chancellor was not associated with that quip until the 1930’s. The Daily Cleveland Herald, March 29, 1869, quoted lawyer-poet John Godfrey Saxe that “Laws, like sausages, cease to inspire respect in proportion as we know how they are made,” and this may be the true origin of the saying.

Ralph Keyes found an attribution to John Godfrey Saxe on the 29th of April 1869 [QVB]. QI found a slightly earlier cite dated March 27th that accords with the thesis of Fred Shapiro and Ralph Keyes that Saxe may be the crafter of the aphorism [UCGS]:

“Laws,” says that illustrious rhymer, Mr. John Godfrey Saxe, “like sausages, cease to inspire respect in proportion as we know how they are made;” and we fancy it is much the same with impeachment trials.
....

Anyway:

Economic policy of Donald Trump
....

China

On March 22, 2018 Trump announced trade actions regarding China, including tariffs in the $50 billion range, initiation of a WTO dispute and investment restrictions. The Dow Jones Industrial Average fell more than 700 points that day, nearly 3%, on concerns of a trade war. Reuters reported days later that the tariffs might not be actually imposed until June 2018. In response to these pending tariffs, China announced its intent to impose 25% tariffs against certain American products, notably on the $14 billion in soybeans it buys from America each year. Media reports indicated that China had already begun to cancel soybean orders from America and buying them from other countries. Chinese orders for pork and corn had also been canceled. Soybean exporters, located primarily in states Trump won in 2016, expressed concerns about the situation as soybean prices fell to the lowest level since the Great Recession in 2009. The Trump administration reportedly planned to provide a federal relief package to farmers totaling billions of dollars. (1) On May 29, 2018 the Trump administration announced it would proceed to implement the proposed tariffs within a month, although Commerce Secretary Wilbur Ross was scheduled to begin another round of negotiations in Beijing within days. The Trump administration announced on June 15, 2018 that the tariffs would begin July 6, and China immediately announced it would retaliate and withdraw any proposals it had made in previous negotiations, which had included importing an additional $200 billion in American exports by 2020—including $70 billion in agricultural and energy products.

(1) Davis, Bob; Hughes, Siobhan; Newman, Jesse (April 11, 2018). "Trump Looks to Assuage Trade Critics With Farm Package". Retrieved May 12, 2018 – via www.wsj.com.

POLITICS

Trump Looks to Assuage Trade Critics With Farm Package

The aid package, which could climb into the billions of dollars, is still being developed

By Bob Davis, Siobhan Hughes and Jesse Newman
Updated April 11, 2018 4:40 p.m. ET

WASHINGTON—The Trump administration is seeking to blunt domestic opposition to its trade policies with a relief package for farmers affected by the U.S. trade spat with China, say officials involved in the discussions.

The aid package, which could climb into the billions of dollars, is still being developed. Agriculture and congressional officials are examining Depression-era programs like the Commodity Credit Corp., which was created in 1933 to stabilize farm incomes, and which permits borrowing of as much as $30 billion...

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[keithbvadu2]

8. UPDATED: Trump pledges to help Chinese phonemaker ZTE 'get back into business'

Trump pledges to help Chinese phonemaker ZTE 'get back into business'

https://www.democraticunderground.com/10142058783

https://www.washingtonpost.com/news/the-switch/wp/2018/05/13/trump-pledges-to-help-chinese-phone-maker-zte-get-back-into-business/?utm_term=.7f2fcafb7710

ZTE, a company involved in hacking American cyber security.


A $500 million loan to Trump related projects works wonders to make America protect Chinese jobs.