Tuesday, 23 October, 2018

Trump Plans Farm Bailout To Deal With Backlash To His Trade War

Trump Tapping $12B to Help Farmers Affected by Tariffs Trump Plans Farm Bailout To Deal With Backlash To His Trade War
Lloyd Bates | 24 July, 2018, 21:57

The aid is meant to shield the industry as countries raise taxes on U.S. products such as soybeans in response to new Trump administration tariffs. 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.

"We're here today to celebrate the greatest products in the world - products made with American heart, American sweat, and American pride", President Donald Trump said. "Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs".

That's according to two people who have been briefed on the plan who spoke on condition of anonymity ahead of a formal announcement.

The plan, however, has already magnified objections among some Republicans that the tariffs amount to taxes on American consumers.

"Time and time again I've heard from farmers that they want trade, not aid", said Senator Ron Johnson, a Republican from Wisconsin.

And on Tuesday, Trump announced plans to impose 10 percent tariffs on an additional $200 billion in Chinese imports by the end of August.

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

To date, every time that the Trump administration has imposed a tariff on China, China has imposed an equal tariff on USA goods.

In addition to the direct impact of tariffs on American farm products, farmers have also been hurt by US tariffs on foreign steel imports. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that past year totaled $335 billion.

Several of these countries have responded to Trump's trade measures by imposing tariffs of their own, and farmers have complained that they are the victims of retaliation from other countries, which they rely on to sell their products. Trump said on Friday that he would be willing to slap tariffs on every last import from China.

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

The president on Wednesday will meet with European Commission President Jean-Claude Juncker at the White House as the EU hopes to convince him to hold off from raising tariffs on imported cars and avoid a trans-Atlantic trade war.

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