Trade war bailout: Trump promises $12bn in emergency aid to United States farmers
25 July, 2018, 16:15 | Author: Natasha Holloway
The administration of President Donald Trump will provide up to $12 billion in aid to farmers impacted by retaliatory tariffs imposed by America's trading partners, according to Sonny Perdue, the secretary of the Department of Agriculture. United States farmers have been hit by retaliatory tariffs on goods like soybeans, pork, and beef.
The U.S. Department of Agriculture announced Tuesday that it will utilize a Great Depression-era law to send payments to producers of dairy, hogs and certain crops.
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". "This administration will not stand by while our hard-working agricultural producers bear the brunt of unfriendly and illegal tariffs".
Mr Trump on Tuesday crowed that it was his tough stance and threats of auto tariffs that brought the European leader to the bargaining table. The administration is keenly aware of the backlash in some Republican circles over the tariffs on steel, aluminum and $34 billion worth in Chinese imports.
On Thursday, the president will visit Granite City, Illinois, the home of a U.S. Steel Corp. mill that has reopened after he imposed tariffs on steel imports. "Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs". -European trade deal known as the Transatlantic Trade and Investment Partnership (TTIP).
A formal proposal would only come after the U.S. Commerce Department completed its investigation into whether vehicle imports threaten national security.
June: Exemptions to U.S. metals tariffs for EU, Canada and Mexico expire. Ben Sasse (R-Nebraska) said. "This trade war is cutting the legs out from under farmers and White House's "plan" is to spend $12 billion on gold crutches".
The size of the aid package is in line with the estimated $11 billion cost of the tariffs to American farmers.
"Tariffs are not great", Senator Pat Toomey told CNBC. "The aspect of reinvigorating our steel industry is a good objective, but the way the that should have been done is with targeted actions, not scattershot actions. What we need is certainty when it comes to our trade relationships". The administration also sought to signal that they have the best interests of farmers in mind.
"I think it's more on the American farmer". Trump wore a similar hat at an event on Monday highlighting American-made goods.
The US President, who has accused the European Union of unfair trade practices, has shown little interest in backing down over his trade policies, and appeared to make yet another jibe at the meeting with Mr Juncker and the EU's intentions for it.
Last week, Ms Malmstrom, who will accompany the EC President to today's meeting, said that the European Union was preparing a list of U.S. products to hit if it continued its threats to impose further tariffs. In a briefing call on July 24, Perdue and top department officials explained that the financial boost is created to provide temporary relief to farmers as the United States negotiates long-term trade deals. "This proposed action would only be a short-term attempt at masking the long-term damage caused by tariffs", the group's Executive Director Brian Kuehl said in a statement.
But market analysts, industry experts and economists warn that the economic fallout of the president's tariffs - those that are already in effect and those he's threatening to impose - is only going to intensify over the coming months and could reach a peak around election time.
Tory said the night reflected the city's ongoing "gun problem" and said firearms were "too readily available to too many people". Choking back tears, Toronto Councillor Mary Fragedakis said to the city council Monday morning, "This is so heartbreaking".
Shares in trade-sensitive stocks were hardest hit, with auto makers Daimler, Volkswagen and Fiat Chrysler all down more than 1pc. Still, new tariffs could help Mr Trump's Republican party going into November's congressional elections.
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