Sunday, 21 October, 2018

Trump to announce support for farmers caught in trade disputes

Trump Tapping $12B to Help Farmers Affected by Tariffs Trump Plans Farm Bailout To Deal With Backlash To His Trade War
Cristina Norman | 24 July, 2018, 21:24

The same day that President Donald Trump gushed on Twitter that "tariffs are great", his administration disclosed plans to pay billions in aid to USA farmers getting slammed by tariffs on their goods, a new report said Tuesday.

What's the background on the tariffs?

He said that tariffs his administration has imposed are working to bring other countries to the negotiating table. These Chinese tariffs have hit farmers particularly hard.

The U.S. readied a plan Tuesday to send billions in emergency aid to farmers who have been hurt by President Donald Trump's trade disputes with China and other American trading partners.

The imposition of punishing tariffs on imported goods has been a favored tactic by Trump, but it has prompted USA partners to retaliate, creating risks for the economy. This caused the price of sorghum to drop significantly, and forced ships full of sorghum heading to China to change course.

He promised to protect US workers and promote American industry after threatening to impose another $500 billion in tariffs on Chinese exports - a move expected to bring more Chinese retaliation against USA goods. These steel tariffs have caused the price of steel to jump significantly, which in turn has caused the price of farm equipment to also rise.

You read that and wonder if Trump took a single economics class at the University of Pennsylvania, but it's not an entirely unpopular position. Trump said on Friday that he would be willing to slap tariffs on every last import from China.

The administration has slapped tariffs on $34 billion in Chinese goods and China retaliated with duties on soybeans and pork.

Where is the $12 billion coming from?

Details about the bailout plan are scanty at this point, though the Post indicates it will include "direct assistance, a food purchase and distribution program, and a trade promotion program".

It will rely in part on a Depression-era program called the Commodity Credit Corporation, a division of the Agriculture Department that was created in 1933 to offer a financial backstop for farmers.

In a Tuesday morning tweet, he called tariffs "the greatest", saying every USA trade partner should either negotiate a "fair deal, or it gets hit with Tariffs".

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