Economy

Trump offers $12bn in aid to farmers hurt by trade war

Trump offers $12bn in aid to farmers hurt by trade war

Food purchase and distribution program, which will purchase surplus agricultural commodities for distribution to food banks and other nutrition programs.

President Trump showed off a new campaign hat on Monday-it's green with yellow letters, reminiscent of the John Deere logo, and it reads "Make Our Farmers Great Again", notes Politico. Most of the companies and business groups that have filed comments are seeking to have goods spared from duties on grounds the tariffs are ultimately a tax on consumers and hamstrings them with their global supply chains.

President of United States lobby group the National Farmers Union, Roger Johnson welcomed the aid, but said the USA government needs to do more to provide a long-term fix to the damage the trade war is wreaking. America's farmers don't want to be paid to lose - they want to win by feeding the world.

"I'm ready to go to $500 [billion]", Trump said.

While a trade mitigation package could boost farmer morale in the short term, this is ultimately a short term fix.

Wisconsin Republican Sen. Ron Johnson said the unexpected move to manipulate trade through targeted subsidies 'is becoming more and more like a Soviet-type of economy'. She's calling on the Trump administration to develop a plan to provide farmers with immediately support from tariffs.

It will rely on the Department of Agriculture's authority to stabilize the farm economy by buying excess supply. "This is about helping them until we get there". "At the end of the line, producers are going to be producing them at a loss". It also will provide funds to outside organizations to build overseas markets for USA food and ag exports.

In a separate tweet he said that tariffs his administration has imposed are working to bring other countries to the negotiating table. The upcoming talks are viewed by various experts as the last chance to avert a full-scale trade war between the United States and the European Union. This reaction from farm-state Sen. The Senate has several key races in agriculture-dependent states like Missouri, North Dakota, and in this November. He will travel to IL and Iowa later in the week.

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"Tariffs are the greatest!". "It's as simple as that - and everybody's talking!" "If tariffs punish farmers, the answer is not welfare for farmers - the answer is remove the tariffs". Rand Paul (R-KY) tweeted.

But some Republicans disagree with the president.

White House Deputy Press Secretary Hogan Gidley told reporters aboard Air Force One on the way back to Washington from Missouri that 'the president will stand up for the farmers'. "This is the right fight to have but in the meantime our producers have got to ... live, while this fight's going on".

US White House spokesperson Hogan Gidley announced on Tuesday that President Trump meant to bring up at the meeting with the chief of the European Commission issues regarding bilateral trade and the fight against terrorism. The rollout of billions of dollars in aid on Tuesday will be the first action Trump has taken to protect farmers from the whiplash they have had to face in recent months.

The plan for providing price supports, which doesn't need congressional approval, was rolled out just two days before Trump is set to travel to Iowa, the top US soybean-producing state.

"That's just doubling down on bad policy". "It's a misuse of the programs". "Great to see providing aid to farmers impacted by retaliatory tariffs", he wrote on Twitter.

"Tariffs are not the answer".


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