Trump To Give $12 Billion In Farm Aid To Offset Tariffs

Trump Admininstration Announces Emergency Farmer Aid Plan to Mitigate Tariff Effects AP

Trump Admininstration Announces Emergency Farmer Aid Plan to Mitigate Tariff Effects AP

Before departing for Kansas City, Trump tweeted that any USA trade partner needs to either negotiate a "fair deal, or it gets hit with Tariffs".

Agriculture Secretary Sonny Perdue said on Tuesday that the emergency relief aid is a firm statement that other nations can not bully USA agricultural producers to force the administration to back down from its hardline stance.

The rhetoric came as the president has engaged in hard-line trade negotiations with China, Canada and European nations, seeking to revise trade deals he says have undermined the nation's manufacturing base and led to a wave of job losses in recent decades. And Sen. Bob Corker (R-Tenn.), who has written legislation to remove some of Trump's unilateral power to impose tariffs, said the administration created a problem it is now having to throw money at to fix. On Tuesday, many spoke out to pan the bailouts as corporate welfare - but there appears to be no movement on Republicans' part to roll back the tariffs.

In a written submission before Tuesday's hearing, the US Chamber of Commerce expressed its staunch opposition to tariff escalation, saying it would be US businesses and customers who would foot the bill of the "hidden, regressive taxes".

"This is a classic case of protectionism breeding more protectionism, so you had the U.S. tariffs being imposed on China, China naturally retaliated, and both tariffs have been very much targeted at the mid-west agricultural states that are politically sensitive for Donald Trump", he said.

The plan, however, has already magnified objections among some Republicans that the tariffs amount to taxes on American consumers. The move was retaliation for tariffs the United States placed on Chinese goods, mostly targeting the aerospace, robotics and machinery industries.

The official announcement will come Tuesday afternoon from the U.S. Department of Agriculture, the official said.

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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".

"What you're seeing and what you're reading is not what's happening", Trump said. China said it would retaliate, leaving even more USA farm products at risk.

However, some farm-state Republicans quickly dismissed the plan, declaring that farmers want markets for their crops, not payoffs for lost sales and lower prices. In addition, the government will work to open new markets. "The Trump administration has not left an easy path to walk away from the fights they've created", Alden said.

Retaliatory tariffs levied on the trading partners have taken aim at America's farmers, including many soy and pig farmers, the AP noted.

When European Commission President Jean-Claude Juncker left for Washington to meet with President Trump, his mission was to try to dissuade the American president from escalating trade tensions between the US and EU.

He's threatening to use the national security justification again to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that previous year totalled US$335 billion ($494b).

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