Published: Tue, July 24, 2018
Finance | By Jaime Brady

President Trump planning emergency aid to farmers affected by tariffs

President Trump planning emergency aid to farmers affected by tariffs

The U.S. readied a plan Tuesday to send billions in emergency aid to farmers who have been hurt by President Donald Trump's trade disputes with China and other American trading partners.

Punishing tariffs have been introduced on imported goods from Canada, China, and the EU.

The Washington Post notes that the program was created so long ago that it doesn't require congressional approval while taking out a loan of up to $30 billion.

The aid package is expected to target soybean farmers, dairy farmers, and pork producers, among others.

Sen. Ben Sasse, R-Neb., said the plan would spend billions on "gold crutches".

After Trump announced plans to impose $50 billion in tariffs on Chinese imports, Beijing retaliated with plans to impose tariffs on a range of agricultural products from the United States including soybeans, grains, meats and dairy products.

Trump tweeted from the White House that US trade partners need to either negotiate a "fair deal, or it gets hit with Tariffs".

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"Tariffs are the greatest!".

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to USA national security, an argument that allies such as the European Union and Canada reject. Trump has threatened to ratchet that up to more than $500 billion, a move that has left financial markets uneasy. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that previous year totaled $335 billion.

Soy prices have fallen particularly hard in the past few months, though Trump has tried to deflect blame and promised to somehow take care of these farmers, many of whom are from politically crucial states like Iowa and Wisconsin.

On Monday, the White House confirmed that Trump was considering removing security clearances from Brennan and other former officials.

The president is meeting with European Commission President Jean-Claude Juncker on Wednesday.

Politico, citing two sources familiar with the plan, also reported the administration will pay for billions in trade-related aid through the U.S. Department of Agriculture's broad authority and two commodity support programs in a farm bill under consideration in Congress.

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