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

U.S. farmers hurt by Trump's tariffs to receive emergency aid

U.S. farmers hurt by Trump's tariffs to receive emergency aid

Trump's trade policy "is becoming more and more like a Soviet-type of economy here", Sen.

Republican Sen. Charles Grassley, whose family operates a farm in eastern Iowa, said the administration's move was "encouraging for the short term" but farmers needed "markets and opportunity, not government handouts". China has retaliated with duties on soybeans and pork, affecting Midwest farmers in a region of the country that supported the president in his 2016 campaign. He noted that countries "that have treated us unfairly on trade for years" are coming to Washington to negotiate. Trump also has been under pressure from lawmakers representing rural parts of the country to back away from imposing tariffs. His officials are now planning to give a Dollars 12 billion assistance to farmers so that they are not adversely impacted by this.

Secretary of Agriculture Sonny Perdue said that the plan, which will provide direct assistance and other temporary relief for farmers through the USDA's commodity program, is meant as a stopgap measure that will give Trump time to negotiate a long-term policy with China, the European Union and others.

U.S. agriculture exports have been a prime target of China and other countries that have retaliated against the series of tariffs Trump has imposed in recent months.

"I'm only in favor of the tariffs to fix the problem that's been going on for decades", Bruce Rastetter said during an interview with FOX Business' Stuart Varney on Tuesday.

Senate Foreign Relations Committee chair Bob Corker, a Tennessee Republican, ran out of patience on Tuesday, saying Trump's tariffs 'are a massive tax increase on American consumers and businesses, and instead of offering welfare to farmers to solve a problem they themselves created, the administration should reverse course and end this incoherent policy'. "They let our factories leave, they let our people lose their jobs", Trump said at the White House.

"The farmers will be the biggest beneficiary", Trump said of his ongoing trade disputes during a speech in Missouri on Tuesday.

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'Accusing the president of the United States of treasonous activity...when you're the person that holds the nation's deepest, most sacred secrets at your hands and you go out and you make false accusations against the president of the United States, he thinks that is something to be very concerned with.

Agriculture officials said the payments couldn't be calculated until after harvests come in. "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again".

The U.S. otherwise could risk losing out to competitors like Brazil, which produces soybeans, or Ukraine and Russian Federation, both large wheat producers. But they also exact a toll on domestic companies and consumers through higher prices on imported goods when American trading partners retaliate.

Canada, Mexico and the European Union also struck back at Trump's leveling of USA steel and aluminum tariffs by hitting United States exports of agriculture products and other heavily exported U.S. goods.

The president sent the tweet a day before European Commission President Jean-Claude Juncker is set to meet with Trump at the White House. The U.S. and European allies have been at odds over the president's tariffs on steel imports and are meeting as the trade dispute threatens to spread to automobile production.

He's threatening to use the national security justification again to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that previous year totalled US$335 billion ($494b).

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