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

USA farmers to receive up to US$12B in trade war relief

USA farmers to receive up to US$12B in trade war relief

President Donald Trump told European leaders Wednesday that the US wants a "fair trade deal" with the European Union as both sides sought to defuse tensions in an escalating trade battle involving some of the world's biggest economies. "For example a plurilateral tariff cutting deal involving the world's biggest vehicle producers may also require approval from China as it's a big manufacturer of auto parts or concessions from the U.S. on its the existing 25% duty on light trucks".

"We met right here at the White House to launch a new phase in the relationship between the United States and the European union, a phase of close friendship, of strong trade relations in which both of us will win", Trump said during a brief press conference with European Commission President Jean-Claude Juncker.

Just hours before the announcement of the aid package, Trump tweeted "Tariffs are the greatest!" and vowed that those who have taken advantage of the United States will have to negotiate a new deal.

Among those who'd Trump likely consider weak is Sen. Remember, we are the "piggy bank" that's being robbed.

The Agriculture Department predicted before the trade fights that US farm income would drop this year to $60 billion, or half the $120 billion of five years ago.

Trump and Juncker were expected to make statements at a joint event following their meeting at the White House on trade, US officials said.

Trump's tweet comes less than 24 hours after the US Department of Agriculture authorized $12 billion of support for farmers and ranchers hurt by tariffs imposed by China.

"Tariffs are taxes that punish American consumers and producers", he wrote.

"Taxpayers are going to be asked to initial checks to farmers in lieu of having a trade policy that actually opens and expands more markets". "This is a short-term solution that will give President Trump and his administration time to work on long-term trade deals".

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Up to 120,000 USA jobs depended on European Union auto imports, with a tariff war putting these at risk, the European Union warned in an 11-page study sent to the U.S. ahead of Wednesday's meeting.

The moves have been unsettling to lawmakers with districts dependent upon manufacturers and farmers affected by the retaliatory tariffs. He grows about 25,000 bushels of soybeans a year, so if the price goes down $2, that costs him around $50,000.

And Americans for Prosperity, a conservative pro-growth group affiliated with the Koch network, said farmers want good trade policy, not a bailout.

The Agriculture Department said that it would make compensatory payments to producers of soya, sorghum, maize, wheat, cotton, dairy and pork, and buy surpluses of commodities including fruits, nuts, rice, legumes, beef, pork and milk.

Several Republicans were nonetheless critical of the aid plan. Sen.

"Trade war? Chinese retaliation to Trump tariffs would hit OH hard", read an April headline in the Cincinnati Enquirer.

The program is expected to start taking effect around Labor Day.

As part of the initiative to be announced on Tuesday, the USDA is expected to draw on the financial resources of a program known as the Commodity Credit Corporation, which helps shore up USA farmers by buying their crops.

Chuck Connor, president and CEO of the National Council of Farmer Cooperatives, said they look forward to working with Perdue and the USDA over the next month on details for the three programs, which will help farmers weather the trade war in the short term.

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