Published: Thu, July 26, 2018
Markets | By Erika Turner

Trump to Give Farmers Aid, but Farmers Aren't Thrilled

Trump to Give Farmers Aid, but Farmers Aren't Thrilled

The US and the European Union will also team up to address "unfair trade practices" at the World Trade Organization, Trump said, listing his long-standing complaints about China such as intellectual property theft and technology transfers. He warned that those who pursue "economic hegemony" will "only end up hurting themselves".

US White House spokesperson Hogan Gidley announced on Tuesday that President Trump meant to bring up at the meeting with the chief of the European Commission issues regarding bilateral trade and the fight against terrorism.

The visit comes after Trump imposed tariffs on European Union steel and aluminium, prompting a retaliation on United States products, such as whisky and motorcycles. Mr Trump had threatened to impose 25% tariffs on European auto imports. The E.U. subsequently retaliated with tariffs on a number of USA goods.

The decision to authorize up to $12 billion in funding for farmers hurt by tariffs comes after months of negative headlines, primarily in communities and states Trump won in 2016. Every third row of soybeans in Iowa is exported.

Trump's willingness to buck the advice of his advisors is evidence of an "increasingly strategy", the Post reports.

The response: Lawmakers, business groups and farmers have opposed the president's tariffs, and while some in the GOP backed the aid plan, a number of Republican free-trade proponents criticized it harshly and expressed concern that access to markets lost under Trump's trade war won't be restored.

Perdue said the programs are a short-term solution giving President Trump time to work out long-term trade deals in the future.

Mr Juncker said he and the president had agreed to reassess national security barriers in "due time". "So, we're starting the negotiation right now but we know very much where it's going". "You've got to treat everybody the same". Rand Paul (R-Ky.) referred to the aid as "welfare for farmers".

The Trump administration announced it will provide $12 billion in emergency relief to ease the pain of American farmers slammed by Presi
Trump to Give Farmers Aid, but Farmers Aren't Thrilled

Republican Senator Ben Sasse of Nebraska, a Trump critic, likened it to "golden crutches" to make up for a trade war that will cost farmers far more. "This bailout compounds bad policy with more bad policy".

"The end result will be worth it!" he added. Trump wrote on Twitter. The program is expected to start taking effect around Labor Day in the USA on September 3.

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

It will rely on the Department of Agriculture's authority to stabilize the farm economy by buying excess supply.

Soybeans are likely to be the largest sector affected by the programs. Soybean prices were already falling, dropping 19 percent since early May to a 10-year low and corn is down more than 15 percent. The EU has a huge stake in the USA industry, where European companies produce nearly 3 million cars a year, accounting for over a quarter of production in the United States.

"We believe this is a temporary stop in order to get our producers to a point of profitability again by a normal trading relationship", Perdue told reporters on Wednesday, adding that he hoped the impact would ease next year.

"There is a tendency for a little bit of Trump piling on", he said.

Associated Press writers Jill Colvin, Kevin Freking and Matthew Daly in Washington, James MacPherson in Bismarck, North Dakota, and Roxana Hegeman in Wichita, Kansas, contributed.

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