Published: Wed, July 25, 2018
Finance | By Jaime Brady

Trump assures farmers he has their back amid mounting trade war

Trump assures farmers he has their back amid mounting trade war

However, some farm-state Republicans quickly dismissed the plan, declaring Tuesday that farmers want markets for their crops, not payoffs for lost sales and lower prices.

As he embarks on a multi-state trip through parts of the country hit heavily by ongoing trade disputes, President Donald Trump is preparing to direct billions of dollars to farmers whose crops have been hurt by tariffs.

Trump's tweet comes less than 24 hours after the US Department of Agriculture authorized $12 billion of support for farmers and ranchers hurt by tariffs imposed by China.

The administration said the program was just temporary.

Republicans criticized the Trump administration's aid program, calling on him to instead reverse tariffs.

Trump may think trade wars are winnable, but perhaps he should tell that to farmers who can't sell their harvest because retaliatory tariffs have made them too expensive. John Kennedy, R-La. "You've got to treat everybody the same". An accompanying press release said the USDA would take "several actions to assist farmers in response to trade damage from unjustified retaliation". On Wednesday, before Juncker's meeting with the president, the European Union prepared a list of $20 billion in US goods that would be subject to duties if Mr. Trump imposes the auto tariffs.

The first assistance is expected to be distributed by the beginning of September. "I don't want to lose these markets that we've built".

"It's going to get down to a point where they're not going to be able to survive if this continues down the same path", Rounds told CNN on Wednesday. "Just be a little patient".

Some say the relief payoff would benefit farmers.

Trump notes the two continents together make up more than 50 percent of the world's trade.

"And the farmers will be the biggest beneficiary", Trump added. They are meant to protect domestic businesses and put foreign competitors at a disadvantage. "They are taxes, paid by Americans, that harm consumers, workers, and companies".

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But intra-party condemnation of Trump's trade policy was swift, particularly from Republicans from Midwest and Southern states where the farming industry will be hit hardest.

The moves have been unsettling to lawmakers with districts dependent upon manufacturers and farmers affected by the retaliatory tariffs.

On Tuesday, a senior European official addressed Mr. Trump's claims that unfair trade practices have resulted in a deficit, saying that it is simply a matter of macroeconomics.

The president's tweet came after his administration said it would pay $12bn (£9.1bn) in aid to United States farmers who have been hit by retaliatory tariffs imposed by China and the EU.

"The European Union is coming to Washington tomorrow to negotiate a deal on Trade", he said.

The U.S. and European allies have been at odds over the president's tariffs on steel imports and are meeting as the trade dispute threatens to spread to automobile production.

Added Kevin Skunes, North Dakota farmer and president of the National Corn Growers Association, "We know the package won't make farmers whole but look forward to working with USDA on the details and implementation of this plan".

If all of the tariffs that have been proposed take effect, they would bring down long-run U.S. GDP by 0.47 percent - about $118 billion - in the long term and cost more than 364,000 jobs, a new analysis from the Tax Foundation shows. "I've never seen any proof of that and I don't think it's true". "The underlying problem is still there".

China is the world's single largest importer of soy, and it buys roughly 30 percent of all USA soybeans.

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to US national security, an argument that allies such as the European Union and Canada reject. It sounds like a big number, but it is less than 4 percent of the United States' total imports previous year ($2.4 trillion), according to The Washington Post Trump Tariff Tracker.

European Union Commission President Jean-Claude Juncker (zhahn-KLOHD' YUN'-kur) is telling President Donald Trump that the E.U. and U.S. are partners and allies, "not enemies", and must work together at the start of trade negotiations between the two major economies.

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