Farmers are set to benefit from far-reaching tax cuts passed by his administration just before Christmas, President Trump told the Farm Bureau Federation’s annual convention in Nashville, Tennessee on Monday.

“Under this new law, the typical family of four earning $75,000 will see an income tax cut of more than $2,000 each, slashing their tax bill in half each year,” he said.

He added that all businesses, including farmers, would now be able to deduct 100% of the cost of new equipment in the year they make the investment. He also said that farmers would be exempt of inheritance tax.

Critics have pointed out that other aspects of tax reform would cost farmers, and most farms were already exempt from inheritance tax.

I support a bill that includes crop insurance

President Trump also promised to pass the next Farm Bill before legislation funding support schemes for US farmers expires on 1 October. “I support a bill that includes crop insurance,” he said.

Following the recommendations of a new Task Force on Rural Prosperity, he also signed two presidential orders providing for the use of federal buildings and fast-track procedures to speed up rural broadband roll-out. “You are forgotten no more,” he told farmers.

Environmental restrictions lifted

On environmental regulations, President Trump said: “My administration is in the process of rolling back a rule that hit our farmers and ranchers very, very hard — the terrible Waters of the United States rule.”

The regulation had been criticised by farmers for the restrictions it imposed around water bodies including small ditches, but environmentalists have opposed its abolition.

“We ditched the rule,” President Trump said. He also promised to lift restrictions on biotechnologies,“setting free our farmers to innovate, thrive, and to grow”.

Trade

President Trump referred to the ongoing renegotiation of the North America Free Trade Agreement (NAFTA) between the US, Canada and Mexico.

“To level the playing field for our great American exporters — our farmers and ranchers, as well as our manufacturers — we are reviewing all of our trade agreements to make sure they are fair and reciprocal,” he said.

However, he did not mention any other trade deals, with talks on TTIP with Europe and TPP with Pacific countries still stalled, and prospects for a US-UK trade agreement after Brexit elusive.

“We are removing harmful restrictions on forestry so you can log more timber, plant more trees, and export more renewable resources to other countries,” President Trump added. This includes Ireland, with Bord na Móna recently announcing the construction of a US-based plant to import wood pellets.

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