US announces billions to help farmers hurt by tariffs

Trump to Host 'Made in America' Showcase at White House

The president traveled to Kansas City, Missouri, on Tuesday to speak with veterans and to address a fundraiser.

"The $12 billion package of agricultural assistance announced today by the administration will provide a welcome measure of temporary relief to our farmers and ranchers who are experiencing the financial effects of the trade war", said American Farm Bureau Federation President Zippy Duvall.

Trump has been talking for months about finding ways to aid farmers as China, in particular, has canceled orders for soybeans and other crops. As I travel across Iowa meeting with farmers, they tell me that they want to see a more thoughtful approach to our trade policies, rather than the tit-for-tat tariffs and retaliations that we have recently seen.

The money: It will come partly from a program set up in the Depression to help farmers called the Commodity Credit Corporation, reports the Washington Post.

Cabinet members say President Trump knew there might be some short term pain with his trade decisions, so this is a way to make things right for the farmers in our country. Targeted commodities include fruits, nuts, rice, legumes, beef, pork and milk. The rollout of billions of dollars in aid on Tuesday will be the first action Trump has taken to protect farmers from the whiplash they have had to face in recent months. "We're working on a number of other provisions that might make it easier for them to access some resources".

Sorghum is only one out of many farm products hit by tariffs from China and other nations in response to the Trump administration's tariffs. "We're opening up markets".

"What you are seeing and what you are reading is not what's happening", Trump said. "Watch. Just be a little patient".

G20 ministers call for greater dialogue on trade tensions
G20 ministers call for greater dialogue on trade tensions

Agriculture is the rare American industry that runs a trade surplus, with a projected $21 billion this year.

But officials said soybeans were likely to be the largest sector affected by the programs.

US President Donald Trump has threatened to impose additional penalties on trading partners as he prepares for talks with European officials at the White House.

Tariffs are taxes on imports. Trump has expressed that he is willing to tax all Chinese imports, $500 billion worth, if China doesn't reduce the trade deficit with the United States. "I don't think this will cover us for a very long time - and it might not even buy me a tank of diesel".

Stephen Kirchner, from the University of Sydney's United States Studies Centre said that the $14 billion soybean industry is one of the hardest hit USA agricultural exports, after China slapped a 25 per cent tariff on all oilseeds. House Speaker Paul Ryan of Wisconsin said lawmakers are making the case to Trump that tariffs are "not the way to go".

Cramer testified before the U.S. Trade Representative's office during a public hearing Tuesday, where he welcomed "strong defensive actions" against China's "unfair trade practices" that he argued previous administrations have failed to curtail.

Sen. Bob Corker, R-Tenn., however, called on the Trump administration to "reverse course and end this incoherent" tariff policy. Trump wrote. "Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs".

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