President Donald Trump on Monday vowed that American farmers would prosper greatly from his trade wars, despite evidence from his first term that such trade wars significantly hurt farmers' bottom lines.
Writing on his Truth Social page, Trump wrote that "the Great Farmers of the United States" should "get ready to start making a lot of agricultural product to be sold INSIDE of the United States" because "tariffs will go on external product on April 2nd."
"Have fun!" the president added.
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It is not clear how much fun farmers will have given that agricultural exports from American farms account for roughly $180 billion in revenue every year, which means that American farms could lose significant overseas business once retaliatory tariffs kick in.
During his first term in office, Trump had to pay out billions of dollars to American farmers to help them make up for income lost from trade wars that he waged, and those trade wars were piddling compared to the 25 percent universal tariffs that he has planned for all goods entering from Canada and Mexico.
Trump's vow to ramp up trade wars comes at a precarious time for the U.S. economy, as the Atlanta Federal Reserve on Monday projected that gross domestic product would shrink by 2.8 percent during his first quarter.
