Economy

U.S. announces billions to help farmers hurt by Trump tariffs

U.S. announces billions to help farmers hurt by Trump tariffs

The plan comes as Trump speaks at the Veterans of Foreign Wars national convention in Kansas City in the heart of the nation's farm country.

President Trump touted his tough trade polices Tuesday, calling tariffs "the greatest", after announcing that countries caught up in tense trade relations with the USA would visit to negotiate.

China has targeted U.S. agricultural exports with tariffs in retaliation to those imposed by U.S. President Donald Trump, because the majority of voters in the farm states voted for him in the 2016 election.

Agriculture Secretary Sonny Perdue announced the aid in a call to reporters, saying the programs "are a firm statement that other nations can not bully our agricultural producers to force the United States to cave in".

Sonny Perdue, secretary of the U.S. Department of Agriculture, said the relief package will be financed through the USDA's Commodity Credit Corporation and thus will not require congressional approval.

The administration is expected to roll out the plan Tuesday afternoon, a source familiar with the matter confirmed to CNN, offering much-needed support to farmers caught up in the burgeoning trade war.

Speaking at the Heritage Foundation, Johnson said these trade disputes "could just totally run out of control" and likened them to "throwing a hand grenade of uncertainty" into the economy.

Still, some Republicans several months ago had warned against using the CCC as part of a trade-war related bailout, saying it could distort market forces and pay farmers for products they don't produce.

Summit Agricultural Group CEO Bruce Rastetter on the impact of tariffs on American farmers.

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"Trump wrote on Twitter Tuesday that the U.S.is a "'piggy bank' that's being robbed". The Trump administration will reportedly give $12 billion in aid to farmers hurt by the tariffs.

The president has engaged in hardline 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 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. "Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs".

The president is meeting with European Commission President Jean-Claude Juncker on Wednesday.

Ryan's remarks came a couple hours after Trump tweeted that "Tariffs are the greatest!" and threatened to impose additional penalties on USA trading partners.

In addition to the direct impact of tariffs on American farm products, farmers have also been hurt by USA tariffs on foreign steel imports.

"Watch", Trump said. "We're opening up markets".

Trump has been talking for months about finding ways to aid farmers as China, in particular, has cancelled orders for soybeans and other crops.