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Trump offers $12bn in aid to farmers hurt by trade war

Trump offers $12bn in aid to farmers hurt by trade war

An unlikely potential ally, European Commission President Jean-Claude Juncker, arrives in Washington this week.

Farm products have borne the brunt of tariffs imposed by trading partners angered by USA trade actions, and Agriculture Secretary Sonny Perdue said the aid program will provide relief.

A crisis of falling prices caused by retaliatory tariffs on American agricultural products prompted the Trump Administration Tuesday to make a $12 billion aid package available for farmers hardest hit by the brewing trade war.

Trump has in recent months engaged in a multifront trade confrontation, imposing steep tariffs on steel, aluminum and tens of billions of dollars in Chinese goods, which sparked swift retaliation against key United States farm products like soy and pork.

The U.S. has also imposed tariffs on $34 billion in Chinese products and threatened tariffs on $500 billion more in goods. China has retaliated with duties on soybeans and pork, affecting Midwest farmers in a region of the country that supported the president in his 2016 campaign.

The total bailout is reportedly about $12 billion, and the official announcement - which the network said would likely target dairy, pork and soy products - could come as soon as Tuesday afternoon, hours after the president's tweet. The No. 2-ranked House Democrat says he is pleased jobs will be created but stressed the financial impacts USA farmers face.

President Donald Trump gestures to music as he arrives to speak to the national convention of the Veterans of Foreign Wars on Tuesday, July 24, 2018, in Kansas City, Mo.

"The President promised to have the back of every American farmer and rancher, and he knows the importance of keeping our rural economy strong". House Speaker Paul Ryan of Wisconsin said lawmakers are making the case to Trump that tariffs are "not the way to go". In recognition of this, the Trump administration is refocusing US policy to counter a rising China.




Update: Since this article was published U.S. Secretary of Agriculture Sonny Perdue has confirmed the relief measures.

While Republicans in Congress refrained from directly criticizing Trump, GOP leaders and rank-and-file members advocated against tariffs and trade feuds that result from them.

The potential vehicle tariffs, which would deal a blow to Germany's mighty automobile industry, come on top of high levies already slapped by Trump on aluminum and steel imports.

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

Some of fruits to be hardest hit by the trade policies are cherries - which are now facing a 50% tariff going into China - and apples, which have been hit by higher tariffs in China and Mexico, with India set to also implement additional duties next month in response to USA duties on steel and aluminium imports.

Such duties, Braillie said, would harm more than 4,000 businesses and jeopardise the tens of billions of dollars the industry contributes to the United States economy. Negotiation, not tariffs, provide the best path toward solving trade issues, particularly as it relates to our allies in Canada and Mexico.

Trump's trade policy "is becoming more and more like a Soviet-type of economy here", Sen.

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