Trump Announces $12B Bailout For Farmers


Farmer John Duffy loads soybeans from his grain bin onto a truck before taking them to a grain elevator on June 13 in Dwight, Illinois. But as he deepens the United States involvement in trade fights, it raises questions on whether American consumers will feel the pain of retaliatory tariffs, and whether the president will incur a political price for his trade policies in the midterm elections.

Last month, the U.S. president slapped tariffs on steel and aluminium imports to prompt tit-for-tat measures by Brussels, including tariffs on tobacco, Harley Davidson motorcycles, cranberries and peanut butter.

During a speech to the Veterans of Foreign Wars, the president said the result of his trade policies will be positive.

"China is targeting our farmers, who they know I love and respect, as a way of getting me to continue allowing them to take advantage of the US", Trump said on Twitter while his protectionist trade policies face increasing criticism from within his own Republican Party.

Much of the $12bn in emergency relief, which does not need congressional approval, will go towards direct payments to farmers of commodities such as soybeans, sorghum, and wheat, officials said.

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The administration of US President Donald Trump announced on Tuesday that it would roll out a three-part, US$12 billion plan to offset the effects of retaliatory tariffs imposed by China and other countries on American agricultural products, according to US Secretary of Agriculture Sonny Perdue.

Trump crowed Tuesday that his latest threat had brought Europe to the negotiating table.

President Donald Trump is declaring that "Tariffs are the greatest!" and threatening to impose additional penalties on USA trading partners as he prepares for negotiations with European officials at the White House.

"We are confronting unfair trade deals and we are doing it like nobody has ever done, because our workers have been cheated and our companies have been cheated", Trump told a veterans group in Kansas.

In 1930, the U.S. raised tariffs dramatically to protect American industry, encouraging other countries to do the same in a global trade war that made the Great Depression worse. "This will lead to great prosperity in the United States and European Union". It's as simple as that - and every body's talking! Remember, we are the "piggy bank" that's being robbed.

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"They really would rather have those markets open so they can just sell the things that they're growing to those countries where they're willing and able to pay those prices", he said. The aid will come from a mix of programs overseen by the USDA.

Agriculture Secretary Sonny Perdue announced the aid in a call to reporters, saying the programs "are a firm statement that other nations can not bully our agricultural producers to force the United States to cave in".

The EU is prepared to retaliate with tariffs on $20 billion worth of American goods.

Ebert is waiting to see the details of the aid package.

In a statement, he said the Trump administration was "offering welfare to farmers to solve a problem they themselves created" and suggested that the stimulus itself is evidence that the administration "finally seems to understand that the Trump-Pence tariffs are hurting the American people".

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"Just be a little patient", Mr Trump said. You've got the economy booming thanks to tax reform and deregulation, but this trade war will hurt growth.