Trump administration plans $12 billion bailout for USA farmers hurt by tariffs

24 July, 2018, 21:25 | Author: Kevin Carter
  • Trump Tapping $12B to Help Farmers Affected by Tariffs

"Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs". House Speaker Paul Ryan of Wisconsin said lawmakers are making the case to Trump that tariffs are "not the way to go".

Trump had previously directed Agriculture Secretary Sonny Perdue to explore options to mitigate financial losses USA farmers are suffering as trade tensions between the U.S. and other countries heat up.

It also comes amid recent reports that Mexico is aiming to reach a deal on the North American Free Trade Agreement with the USA and Canada by the end of August to take some of the heat off incoming President Andres Manuel Lopez Obrador.

Brennan replied to an earlier message from Trump on Twitter calling tariffs "the greatest".

The official Trump administration line right now is that the trade war he's launched against China, the European Community and others is a total no-brainer, and simply a matter of Uncle Sam deciding to stop being Uncle Sucker. Responding in kind, Beijing slapped tariffs worth $34 billion on 545 American goods.

More news: Trump says Iran in turmoil since US withdrew from nuke deal

The president has engaged in hard-line trading negotiations with China, Canada and European nations, seeking to renegotiate trade agreements he says have undermined the nation's manufacturing base and led to a wave of job losses in recent decades.

Trump is set to visit Kansas City, Missouri, on Tuesday and will travel to IL and Iowa later in the week - all states that are beginning to see the impact of US and retaliatory tariffs. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that previous year totaled $335 billion.

The aid package is expected to target soybean farmers, dairy farmers, and pork producers, among others. But conservative critics of the White House's approach said on Tuesday that Trump's move to offer rescue funds to farmers suggests the standoff with other countries won't end soon.

He promised to protect US workers and promote American industry after threatening to impose another $500 billion in tariffs on Chinese exports - a move expected to bring more Chinese retaliation against USA goods.

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