Published: Sat, July 28, 2018
Markets | By Erika Turner

$12 billion boost for US farmers hurt by trade tariffs

$12 billion boost for US farmers hurt by trade tariffs

She added that she did not think the United States proposal to drop tariffs, barriers and subsidies was serious, pointing out that the USA has laws, such as the Buy American Act, protecting its industries and agricultural policies supporting its farmers.

Officials said the direct payments could help producers of soybeans, which have been hit hard by the Trump tariffs, along with sorghum, corn, wheat, cotton, dairy and farmers raising hogs.

The escalating trade war and tariffs on steel and aluminium had put pressure on vehicle company earnings.

Agriculture Secretary Sonny Perdue described the programs as "a firm statement that other nations can not bully our agricultural producers to force the United States to cave in".

Farmers say they'd rather have tariffs ended and trade restarted with China, Mexico, Canada and the European Union.

The effect of new tariffs on small and medium-sized businesses, the protection of which was a prominent staple of Trump's presidential campaign, was a recurring theme on Tuesday morning, with a number of witnesses from the chemical industry saying that such companies are reliant on imported products that only China offers.

Mr Trump has called the meeting productive.

Mark Jackson, who farms with his son and his brother on 2,000 acres in southeast Iowa near Oskaloosa was supportive of Trump's efforts to realign global trade to an improved balance for the United States.

Dumoulin down to his last chance in Tour de France
Ominously, Thomas's poor performance benefited Primoz Roglic, victor of Friday's stage, who went on to win the Swiss race overall. As the time trial world champion, he might have had an advantage.

Brussels had already hit back against the metal tariffs, imposing punitive duties on more than $3 billion of USA goods, including blue jeans, bourbon and motorcycles, as well as orange juice, rice and corn.

A White House spokeswoman said yesterday that Trump would make remarks at the exhibit created to demonstrate the administration's "commitment to ensuring more products are made in America".

Trump appears to be irked by people questioning his approach.

"It doesn't set the scene for a very fruitful meeting", she said, adding that she only expects the meeting to provide "some sort of language that's mutually accepted". "Negotiations are going really well, be cool. The end result will be worth it!", he claimed.

Thirty-nine Republicans and 49 Democrats backed a nonbinding resolution this month calling for Congress to have a role when the president imposes trade barriers in the name of national security.

Mr Trump has threatened to place penalty taxes on up to 500 billion (£380 billion) in products imported from China, a move that would dramatically ratchet up the stakes in the trade dispute involving the globe's biggest economies. The Commerce Department held public hearings last week on proposed tariffs on autos and auto parts. -China trade war - in which each country taxes all the other's imports - would shave 1 percent off the US economy and wipe out 700,000 jobs in the United States by 2020.

But Trump was presented with a similar array of proposals on the steel and aluminum tariffs, and he selected the most severe one, arguing it was needed to correct what he viewed as unfair practices by foreign countries. House Speaker Paul Ryan of Wisconsin said lawmakers are making the case to Trump that tariffs are "not the way to go". "He's not going to be bullied".

This article was written by Damian Paletta, a reporter for The Washington Post.

Like this: