Published: Wed, July 25, 2018
Markets | By Erika Turner

Trump Plans Farm Bailout To Deal With Backlash To His Trade War

Trump Plans Farm Bailout To Deal With Backlash To His Trade War

Agriculture Secretary Sonny Perdue said Tuesday the emergency aid package will use existing funding to mitigate the estimated $11 billion impact of "illegal tariffs" other countries have imposed on USA agriculture exports.

Trump has floated the idea in the past, but he tweeted Tuesday night that he doubts the Europeans will go for the idea.

The US will also buy crops such as fruits and nuts, distributing them to food banks and other government nutrition programmes.

The exports have been a prime target of China and other countries that have retaliated against the series of tariffs Trump has imposed in recent months.

The president on Wednesday will meet with European Commission President Jean-Claude Juncker at the White House as the EU hopes to convince him to hold off from raising tariffs on imported cars and avoid a trans-Atlantic trade war.

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

The new plan at the Agriculture Department would advance emergency funds for these farmers but likely not provide a long-term solution if the trade disputes with China and other countries persist. And he'll do everything he can to protect them, ' Gidley said.

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

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Trump tweeted on Tuesday morning, saying "t$3 ariffs are the greatest!" and that other nations would have to negotiate better trade deals with the United States or be hit by additional tariffs.

The Agriculture Department said the proposal would include direct assistance for farmers, purchases of excess crops and trade promotion activities aimed at building new export markets.

It's meant to keep farmers from feeling the brunt of circumstances beyond their control, and since Trump's trade war is most definitely beyond their control, it fits, albeit in a way that will make small government conservatives who already hate protectionism even crazier.

President Donald Trump on Tuesday bragged about the trade wars he started - even though reports from around the country indicate that these trade wars are poised to hammer American farmers. That's according to two people who have been briefed on the plan who spoke on condition of anonymity ahead of a formal announcement.

The imposition of punishing tariffs on imported goods has been a favored tactic by Trump, but it has prompted USA partners to retaliate, creating risks for the economy.

The Trump administration has slapped tariffs on $34 billion in Chinese goods in a dispute over Beijing's high-tech industrial policies.

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.

Axios notes the bailout is being advertised as "temporary", but that, too, was the original idea with the tariffs that produced the retaliatory actions by China that have created the most heartburn in the heartland.

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