Economy

NZ farmers dismayed at United States farm bailout as trade war deepens

NZ farmers dismayed at United States farm bailout as trade war deepens”

EU Trade Commissioner Cecilia Malmstrom, who is accompanying Juncker, expressed some optimism that a solution could still be found, but also said the EU is drawing up a list of $20 billion in U.S. products to be targeted for retaliation if the trip fails.

European Commission President Jean-Claude Juncker is due to meet with Trump on Wednesday after the USA threatened to impose tariffs on auto imports.

On Tuesday, Trump declared on Twitter that "tariffs are the greatest!" Remember, we are the "piggy bank" that's being robbed.

"This trade war is cutting the legs out from under farmers, and White House's "plan" is to spend $12 billion on gold crutches", Mr. Sasse said.

The factory has turned out about 90,000 banners since March, said manager Yao Yuanyuan, an unusually large number for what is normally the low season, and Yao believed the China-U.S. trade war was the reason.

"I want to know what we're going to say to the automobile manufacturers and the petrochemical manufacturers and all the other people who are being hurt by tariffs", said Senator John N. Kennedy, a Republican from Louisiana. The US and the European Union have been lobbing new tariffs on products since Trump announced earlier this year tough new levies on steel and aluminum exports.

Citing the European Union official, the Journal said the USA and European Union delegations were still working on language in a joint statement that would address the contentious issue of tariffs on automobiles. "Are they truly going to get us a solution that will make things better?" Schinas said "This is an occasion to de-dramatize any potential tensions around trade and to engage in an open and constructive dialogue with our American partners".

Administration officials said the aid will ease the pain farmers have felt as America's trading partners slapped tariffs on agricultural exports in response to the Trump administration's tariffs on steel and aluminum.

The proposal to stabilize farmers, some of whom have watched prices tumble amid ongoing trade disputes, is a recognition that Trump's tariffs are having a short-term impact on the agriculture sector heading into the elections and also that there is no clear end in sight to escalating trade battles.

The campaign banners highlight a paradox in China-U.S. relations under Trump. "While there is plenty of disagreement, nobody, be they farmer, rancher, fiscal conservative, wants the federal government to replace trade with aid".

"If tariffs punish farmers, the answer is not welfare for farmers - the answer is remove the tariffs", Sen.

This will help producers of soy, sorghum, corn, wheat, pork, dairy, fruit, rice and nuts, all products hit by tariffs imposed in response to U.S. actions.

Several Republicans were nonetheless critical of the aid plan. Sen. He grows about 25,000 bushels of soybeans a year, so if the price goes down $2, that costs him around $50,000.

At the hearing, trade industry representatives urged the USTR to reconsider what one witness called the "blunt instrument of tariffs", citing rising costs for USA customers and small businesses, as well as the prospect of harmful, retaliatory measures from China.

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.

Rules for the programs have not been fully developed, and an exact date for rollout has not been determined, though Ibach said officials are targeting Labor Day.

Preliminary details of the agricultural aid program that emerged Tuesday indicate the administration will tap the Commodity Credit Corporation, an entity created during the Great Depression to support farmers, to borrow directly from the Treasury for aid to agriculture.



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