Economy

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

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

European Union Commission President Jean-Claude Juncker is telling Trump that the E.U. and U.S. are partners and allies, "not enemies", and must work together at the start of trade negotiations between the two major economies.

"They're going to be a massive buyer of LNG, so they'll be able to diversify their energy supply", Trump said of Europe. "Hope they do it, we are ready - but they won't!" the U.S. president added. Trump wrote on Twitter. "So I think this really shows that if this is a good meeting then we can again move onto a positive track", explained Susan Danger, CEO of the American Chamber of Commerce to the EU.

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to USA national security, an argument that the European Union and Canada rejects. The leaders are also working to resolve the steel and aluminum tariffs. Perdue on Tuesday announced three new programs Tuesday to assist farmers and ranchers affected by the Trump administration's trade war with China and other partners.

Senators say the aid package could help short-term, but they're anxious about losing long-term access to export markets.

On Tuesday, Trump suggested in a tweet that "both the US and the European Union drop all Tariffs, Barriers and Subsidies!"

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

Farmers have been a particular target in the current clash over trade policy as other countries seek to retaliate for USA duties on Chinese goods as well as on steel and aluminum imports from the European Union, Canada and Mexico.

White House officials hope it will temporarily quiet some of the unease from farm groups, but the new plan has already been criticized by some lawmakers, including Republicans, who believe the taxpayer-funded bailouts amount to welfare for farmers in a trade war caused by Trump's decision to place tariffs on steel imports.

Dining with the Wheat Quality Council's crop tour at a steak dinner picnic near the state capital of Bismarck, farmer Phil Volk said he was concerned about the longer-term damage from the trade war. That's according to two people who have been briefed on the plan who spoke on condition of anonymity ahead of a formal announcement.

Hmmm. Read the joint U.S. -EU statement.

The Trump administration has imposed tariffs on $34 billion in Chinese goods in a dispute over Beijing's high-tech industrial policies and has threatened to eventually target $500 billion.

"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.

Ryan said he understood Trump's goal - of trying to get a "better deal for Americans" - but he disagreed with the president's strategy.

"USDA will not stand by while our hard-working agricultural producers bear the brunt of unfriendly tariffs enacted by foreign nations".

American stock markets jumped in their last half-hour of trading in response to reports of a US-EU agreement.

President Donald Trump's trade wars could become a major political drag for Republicans, with job losses and price increases piling up just as voters head to the polls in November.

The European Union has warned that it will retaliate with tariffs on products worth $20 billion if Trump puts duties on cars and auto parts from Europe.

Trump is tweeting that trade partners need to either negotiate a "fair deal, or it gets hit with Tariffs".



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