USA announces billions to help farmers hurt by Trump tariffs

USA announces billions to help farmers hurt by Trump tariffs

USA announces billions to help farmers hurt by Trump tariffs

President Donald Trump is planning to provide a whopping United States dollars 12 billion emergency financial aid to farmers who have been hit by retaliatory tariffs on agricultural products imposed by trading partners like China, India and the European Union, according to media reports.

Preliminary details of the agricultural aid program that emerged Tuesday indicate the administration will tap the Commodity Credit Corporation, an entity created during the Great Depression to support farmers, to borrow directly from the Treasury for aid to agriculture.

Sen. Ben Sasse (R-Neb.) was even more scathing in his response to this move.

"These countries have been ripping us off for decades", he said.

USA companies and industry groups are finding it increasingly hard to escape the impact of Trump's tariffs. This has more to do with oversupply than the tariffs, though.

Trump's event with a smorgasbord of American goods came at the start of a week in which trade discussions are expected to dominate, including talks with European officials and a trip to IL in which the President is planning to visit a community helped along by his steel tariffs.

"At the end of the day, farmers don't want a check, they want a market", Heitkamp told Hill.TV correspondent Molly Hooper.

Trump tweeted on Tuesday morning, saying "t$3 ariffs are the greatest!" and that other nations would have to negotiate better trade deals with the United States or be hit by additional tariffs.

The White House has searched for months for a way to provide emergency assistance to farmers without backing down on Trump's trade agenda, and the new program will extend roughly $12 billion through three different mechanisms run by the Department of Agrigulture.

Sen. John Hoeven, R-N.D., said the funding may need to be approved by Congress and the aid would be temporary.

Trump has threatened to place penalty taxes on up to $500 billion in products imported from China, a move that would dramatically ratchet up the stakes in the trade dispute involving the globe's biggest economies.

Other Republican senators criticized the bailout plan in remarks to reporters.

Trump's tweet Tuesday comes as he's scheduled to meet with European Commission President Jean-Claude Juncker in Washington on Wednesday for talks aimed at heading off a trade war, and as he continues to deal with domestic fallout from his deference to Vladimir Putin last week over Russian meddling in the 2016 US presidential election.

The trade war could eventually extend well beyond the US$50 billion worth of Chinese imports already targeted and likely to face tariffs after this week's hearings. Trade analysts say the USA has not pursued such aggressive trade policies in decades.

"President Trump must find a way out of this mess so that Iowa's farmers and manufacturers are no longer targets of this trade war." .

Tariffs are taxes on imports, meant to protect domestic businesses and put foreign competitors at a disadvantage.

Punishing tariffs have been introduced on imported goods from Canada, China, and the EU. A 25 percent tariff on steel and a 10 percent tariff on aluminum were imposed on Canada, Mexico, and the European Union.

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