Economy

Trump to offer US farmers billions to ease trade pain

Trump to offer US farmers billions to ease trade pain

U.S. President Donald Trump is reiterating his threat to impose tariffs on countries that treat the U.S. unfairly when it comes to trade.

He promised to protect USA 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 US goods.

Shares of farm-related companies rose following reports of the financial assistance, which raised the prospect that farmers will have more to spend on tractors and other farm gear.

After Trump announced plans to impose $50 billion in tariffs on Chinese imports, Beijing retaliated with plans to impose tariffs on a range of agricultural products from the United States including soybeans, grains, meats and dairy products. The U.S. and European allies have been at odds over the President's tariffs on steel imports and are meeting as the trade dispute threatens to spread to automobile production.

Manufacturers - particularly any who use steel or aluminum - have also been hit hard by the effects of Trump's decision to levy tariffs on the two metals.

More news: Brexit minister warns Britain may refuse to pay Brexit divorce bill

The Trump administration is preparing a plan to provide billions of dollars in emergency aid to farmers who have been hurt by tariffs.

"Tariffs are the greatest!".

In a Tuesday morning tweet, he called tariffs "the greatest", saying every USA trade partner should either negotiate a "fair deal, or it gets hit with Tariffs".

Earlier this month, 25 percent tariffs on $34 billion of Chinese imports of machinery and electronics went into effect, prompting Beijing to respond with tit-for-tat tariffs on American exports of soybeans and other products.