Economy

Trump to Give Farmers Aid, but Farmers Aren't Thrilled

Trump to Give Farmers Aid, but Farmers Aren't Thrilled

Added Kevin Skunes, North Dakota farmer and president of the National Corn Growers Association, "We know the package won't make farmers whole but look forward to working with USDA on the details and implementation of this plan".

"This trade war is cutting the legs out from under farmers and White House's "plan" is to spend $12 billion on gold crutches". 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. Jerry Moran, R-Kan.

The Trump administration will reportedly today announce up to US$12 billion in emergency relief for farmers hurt by the trade war, the New York Times reported. Specific details are scarce, but according to CNBC, the billion-dollar plan will "use existing programs created to mitigate price and coverage risks, and could target dairy, pork and soy products".

The $12 billion in funding will arrive through direct assistance, a food purchase and distribution program, and a trade promotion program, all paid for by USA taxpayers.

Trump warned his audience "what you're seeing and what you're reading is not what's happening", and that "farmers will be the biggest beneficiary" of his implementation of tariffs.

Saying that the proposed tariffs ran counter to the administration's commitment to creating jobs, Charlie Souhrada of the North American Association of Food Equipment Manufacturers said that "complex supply chains" could take up to five years to rebuild if China was no longer a viable supplier. That's according to two people who have been briefed on the plan who spoke on condition of anonymity ahead of a formal announcement. Ben Sasse (R-Neb.) said in a statement Tuesday.

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to US national security, an argument that allies such as the European Union and Canada reject.

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The tariffs came in response to $34 billion worth of duties the Trump administration placed on Chinese products.

House Speaker Paul Ryan says lawmakers are making the case to President Donald Trump that tariffs are "not the way to go". "It's been estimated that farmers lost more than $13 billion last month alone due to trade disruptions", said Johnson.

He told a veterans convention in Kansas City that the agriculture sector has "some of the greatest lobbying teams ever put together" trying to persuade him to spare farmers the impact of a tariff battle, and asked farmers to 'just be a little patient.

Those comments are now being examined by the White House to determine what further action may be taken against those who sought to undermine the President's efforts to normalise relations with Russian Federation. The U.S. and European allies have been at odds over Trump's tariffs on steel imports and are meeting as the trade dispute threatens to spread to automobile production.

U.S. President Donald Trump is showing no signs of backing away from using tariffs as a negotiating tool, taking to Twitter early Tuesday morning saying "tariffs are the greatest".

Then Mr. Trump started tweeting. "It's as simple as that".