Published: Wed, July 25, 2018
Markets | By Otis Pena

European Commission President Set to Face Trump and His Tweets

European Commission President Set to Face Trump and His Tweets

Soybeans, the second-most valuable US crop after corn, have been especially hard hit - exports to China accounted for about one-third of the oilseed's revenue past year.

Farmers for Free Trade, a lobbying group, said it will continue to urge the Trump administration to stop the trade war. Marco Rubio (R-Fla.) said in a 2015 ad while running for president, criticizing Obama for being too deferential to Iran's supreme leader. "As I've said all along, nobody wins in a trade war". That puts farmer assistance below the amounts that would trigger complaints before the World Trade Organization, the USDA said.

"These markets have been developed over years and because of trade agreements that we've had and whatnot", Flake said.

"The buyers in China are still making orders and bringing them in". "We're working on a number of other provisions that might make it easier for them to access some resources".

"Not many people would like it if they took $50,000 away from their business when it is something that they didn't have anything to do with", Schreurs said. "At the end of the line, producers are going to be producing them at a loss". The No. 2-ranked House Democrat says he is pleased jobs will be created but stressed the financial impacts USA farmers face. Trump also has been under pressure from lawmakers representing rural parts of the country to back away from imposing tariffs. He notes that countries "that have treated us unfairly on trade for years" are coming to Washington to negotiate.

‏"Targeted bailouts are anti-capitalist and won't begin to cover damages from trade war", Mr. Scaramucci tweeted.

Officials say they will be using a depression-era program, the Commodity Credit Corporation, to secure money from the U.S. Treasury, and will not need to ask Congress for the funds.

"They are now in the process of taking the same actions that they." Sen. The Senate has several key races in agriculture-dependent states like Missouri, North Dakota, and in this November.

Some of fruits to be hardest hit by the trade policies are cherries - which are now facing a 50% tariff going into China - and apples, which have been hit by higher tariffs in China and Mexico, with India set to also implement additional duties next month in response to USA duties on steel and aluminium imports.

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On Thursday, Trump is scheduled to travel to IL and Iowa to talk about the economy and his trade agenda. John Thune, whose state produces significant pork, soybeans and grains, slammed the decision to offer farmers aid without fixing the root problem.

The U.S. recently hit China with tariffs on US$34 billion of goods - a move that was met by retaliatory measures from Beijing, including tariffs on all major fruits exports to the Asian country - and a few days ago Trump threatened tariffs on all US$500 billion of Chinese imports. It's as simple as that - and every body's talking!

"While we appreciate the move to provide stopgap assistance, this plan is a short-term fix to a long-term problem", said National Farmers Union President Roger Johnson, who said it's estimated that farmers lost more than $13 billion alone last month due to trade disruptions.

"If tariffs punish farmers, the answer is not welfare for farmers - the answer is remove the tariffs", Sen.

Sen. Rand Paul, R-Ky., blasted the plan on Twitter.

While the President also attempted to blame farming issue on his predecessors, inside Republican circles, operatives tasked with keeping Republican majorities in the House and Senate privately anxious. "This is the right fight to have but in the meantime our producers have got to ... live, while this fight's going on".

About one out of every three rows of US soybeans is shipped to China, according to estimates.

Joel Schreurs, a soybean farmer from Tyler, Minnesota, said the plan was a "good start" but not a fix that works in the long run. The program was first created in 1962 to help workers harmed by changing trade policies. "This bailout compounds bad policy with more bad policy". "It's a misuse of the programs".

The administration announced the package weeks earlier than initially planned.

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