Senator says South Dakota lost half a billion dollars from Trump's trade war
Sen. Mike Rounds (R-S.D.) told Axios' Mike Allen on Thursday that President Trump's trade war with China has caused the price of his state's soybeans to plummet 20%, costing South Dakota half a billion dollars.
Why it matters: Data show America's farmers have gone through significant economic pain as a result of the ongoing U.S.-China trade war. Republican lawmaker who represent rural parts of the nation have been divided in whether to continue supporting the Trump administration's efforts, even as they take a toll on their constituents.
- Rounds told Allen at an Axios News Shapers event that the people of South Dakota want and believe the president can beat China and get a fair trade deal done. But, he added, the farmers have an end to the rope and they're getting close to it.
- Arkansas Sen. Tom Cotton has previously said that the pain farmers are feeling from the retaliatory tariffs is a "pretty minimal" sacrifice compared to the sacrifices of U.S. soldiers serving overseas.