Economy

Trump To Give $12 Billion In Farm Aid To Offset Tariffs

Trump To Give $12 Billion In Farm Aid To Offset Tariffs

The decision to authorize up to $12 billion in funding for farmers hurt by tariffs comes after months of negative headlines, primarily in communities and states Trump won in 2016.

The Trump administration on Tuesday announced a plan to provide $12 billion in emergency assistance to farmers in Texas and beyond who are suffering from the effects of President Donald Trump's sprawling trade war. "And, in the end, they're going to be much stronger than they are right now", Trump said of farmers back on April 9th after China threatened tariffs on pork and soybeans in retaliating against USA tariffs.

"It will rely in part on a Depression-era programme called the Commodity Credit Corporation, a division of the Agriculture Department that was created in 1933 to offer a financial backstop for farmers", it said.

'This obviously is a short-term solution that will give President Trump time to work on a long-term trade policy, ' Perdue said.

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

"We're making tremendous progress".

"These countries have been ripping us off for decades", he said.

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Agriculture officials said the payments couldn't be calculated until after harvests come in.

"I know trade deals can't be done overnight but it would be really great, and would provide a lot of predictability and stability for farmers, if we knew what the end game was and what we're trying to do", Heady said. "Tariffs are the greatest!". They are meant to protect domestic businesses and put foreign competitors at a disadvantage. The plan would attempt to give relief to farmers who have faced retaliation from US trade partners with duties on products like soybeans and pork.

The potential auto tariffs, which would deal a blow to Germany's mighty automobile industry, come on top of high levies already slapped by Trump on aluminum and steel imports. He wrote in the op-ed that ran in the USA Today, "The president has instructed me to craft a strategy to support our farmers in the face of retaliatory tariffs".

Toomey added: "The administration clobbers farmers with an unnecessary trade war then attempts to assuage them with taxpayer handouts".

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

"For our farmers to be successful, we need to grow, not shrink, our markets, and I urge President Trump to engage directly with China's President Xi Jinping and negotiate an agreement before it is too late for our farmers", Cramer said in prepared remarks. These new export markets will remain when the current disputes over trade are settled on terms more favorable to American producers.

The persisting trade tensions have provided Democrats a line of attack against Republican Rep. Kevin Cramer, who's challenging Democratic Sen. European Trade Commissioner Cecilia Malmstrom, who will accompany Juncker, said last week that the EU was preparing a list of USA products to hit if the United States imposed the tariffs. "It's as simple as that".