Trump announces US$12B plan to shield farmers from trade war

Trump announces US$12B plan to shield farmers from trade war

Trump announces US$12B plan to shield farmers from trade war

European Commission President Jean-Claude Juncker is meeting President Donald Trump at the White House today in a bid to get the United States to drop its 25 per cent tariffs on steel imports, and 10 per cent on aluminium products.

"This is a short-term solution to allow President Trump time to work on long-term trade deals to benefit agriculture and the entire US economy", Secretary Perdue said.

Farmers said they would rather have Trump settle the trade disputes with China, Mexico, Canada and the European Union and get free trade flowing again. He wrote on Twitter, "Both the USA and the European Union drop all Tariffs, Barriers and Subsidies!"

As he embarks on a multi-state trip through parts of the country hit heavily by ongoing trade disputes, President Donald Trump is preparing to direct billions of dollars to farmers whose crops have been hurt by tariffs.

The US government will provide up to $12 billion in aid to American farmers hurt by the retaliatory tariffs imposed by trading partners, US Agriculture Secretary Sonny Perdue announced Tuesday.

Deere & Co jumped 2.7 per cent, while Caterpillar Inc gained more than 1 per cent and AGCO Corp rose 0.5 per cent. Soybean futures, hit hard by China's retaliatory tariffs, rose 1.2 per cent and hit their highest in two weeks as traders bet farm aid would improve demand, reducing a current surplus supply.

The third prong of the plan is to help farm groups develop new export markets.

Sonny Perdue, the USA agriculture secretary, said: "President Trump has promised since day one that he has the back of every American farmer and rancher". "This is a short-term bridge to help President Trump negotiate trade deals". "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again".

He said Trump must win the trade war quickly, because if farms start going under in America, Trump's support could crater.

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Perdue said the plan was a short-term solution to the "illegal" response by China, Canada, Mexico, the European Union and other major economies to aggressive USA trade sanctions.

He wasn't the only member of Trump's party to vent after the administration pledged to provide up to $12 billion in aid for USA farmers to shield them from the effects of trade disputes cultivated by the White House itself.

"It does not make any sense to me as an economist", says Ohio State University professor Ian Sheldon, predicting the action will distort worldwide commodity markets and possibly trigger a dispute filing at the World Trade Organization. China, meanwhile, retaliated with duties on pork and soybeans. "Farmers in my state have made it clear that they want to be able to compete for export market share, as opposed to getting government subsidies". "Farmers and ranchers recognize that the Trump administration cares about them".

China is the largest buyer of US soybeans, importing about $14 billion worth of the legume in 2016, according to the US Department of Agriculture.

The president traveled to Kansas City, Missouri, on Tuesday to speak with veterans and to address a fundraiser. Officials said Congressional approval is not required - only Congressional notification.

"Tariffs are taxes that punish American consumers and producers", Kentucky Republican Senator Rand Paul wrote on Twitter.

Trump has threatened to impose tariffs on imported cars, prompting the Europeans to suggest they may place tariffs on $20 billion of American goods in retaliation.

The Commerce Department could recommend new tariffs as early as September, administration officials have said. Trump risks escalating the trade war with the suggestion he might impose more tariffs on automobiles and other products if countries don't negotiate better trade deals with the United States.

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