Nebraska senators react to $12B plan to assist farmers affected by tariffs

Nebraska senators react to $12B plan to assist farmers affected by tariffs

Nebraska senators react to $12B plan to assist farmers affected by tariffs

European Commission's spokesperson Margaritis Schinas said on Monday that Juncker did not intend to make particular proposals regarding the mutual trade at the meeting with President Trump.

Sasse also discussed the plan in an interview with CBS News Tuesday afternoon, in which he said, "At no point have I heard a farmer or rancher say we want more bailouts".

"Tariffs are the greatest!" he wrote on Twitter.

Lawmakers from several States have been writing to Trump administration not to enter into a trade war with countries like China because of this. "I'm pleased that certain aspects of his policies have a positive effect but there also have been a lot of negative effects", Hoyer, D-Md., said.

But the agriculture industry, which draws about 20% of its income from exports, said the president's approach is hurting demand for its goods and causing long term damage to relationships with buyers.

In the latest move in the US-China trade war, the American government has announced it will spend $12 billion dollars to help farmers cope with huge tariff increases, but Australia's national farm lobby group says it will hurt farmers in this country. But it is a bit novel to hit farmers with one hand and then offer them compensation with the other, and it could even expose the sanctions by the World Trade Organization for supplying the same sorts of illegal subsidies of which Trump likes to complain.

Federal officials said the plan would not require congressional approval and would come through the Commodity Credit Corporation, a wing of the department that addresses agricultural prices.

The planned mix of direct payments to farmers, commodity purchases for food-aid programs, and stepped up promotion of new export markets buoyed markets looking for new sources of demand for US products.

The president, speaking at an event in Kansas City on Tuesday, aggressively reaffirmed his support for tariffs and pledged that ultimately, "farmers will be the biggest beneficiary".

The Trump administration's plan is a direct acknowledgement that Trump's trade war is hurting USA businesses.

The USDA was expected to announce farm aid on Labor Day.

The aggressive crackdown on free trade has prompted frustration among American farmers, some of the most loyal supporters of Trump who could decide if his party will keep majorities in Congress come November.

The imposition of punishing tariffs on imported goods has been a favored tactic by Trump, but it has prompted USA partners to retaliate, creating risks for the economy.

The administration has slapped tariffs on $34 billion in Chinese goods and China retaliated with duties on soybeans and pork.

The Republican leader told reporters Tuesday, "I've made it pretty clear I don't think tariffs are the right answer".

Few outside his inner circle of economic advisers seemed to agree, with House Speaker Paul Ryan voicing rare disapproval of the president's policy.

Tariffs are taxes on imports.

Sasse said he doubted Trump's trade policies will Make America Great Again as promised, but instead "Mak [e] America 1929 Again". The other would be a free trade agreement between the USA and European Union covering industrial goods, which would amount to a narrower version of the Transatlantic Trade and Investment Partnership pursued by the Obama administration, the European official said.

Perdue added: "Unfortunately, America's hard-working agricultural producers have been treated unfairly by China's illegal trading practices and have taken a disproportionate hit when it comes illegal retaliatory tariffs. It's as simple as that".

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