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

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

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

Trump is also set to meet Wednesday with European Commission President Jean-Claude Juncker.

"If he continues to demand tariff increases as he has been, or if he continues to agree with those who are against China, I definitely would not be able to accept (more orders)", she said. He added, "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again".

"In his speech to an appreciative audience in Kansas City, Trump was re-emphasizing a theme he had addressed earlier Tuesday on Twitter, when he boasted" "Tariffs are the greatest!".

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. Trump has threatened to place tariffs on all $505 billion worth of Chinese goods imported by the US. The escalating trade war and tariffs on steel and aluminum had put pressure on auto company earnings.

"Declaring a trade war on the world, instead of the truly bad actors, leaves a lot of collateral damage", Mr Durbin added.

As the tit-for-tat continued, the Trump administration rolled out a new $12 billion plan to provide subsidies - inviting new criticism from free market conservatives as well as lawmakers who blame Trump's trade war for the tariffs.

Senators say the aid package could help short-term, but they're anxious about losing long-term access to export markets. After $34 billion in tariffs against China went into effect earlier this month, China responded with its own equivalent tariffs soon after, targeting USA agricultural products including soy, corn, wheat, pork, poultry and more.

The administration did not need congressional approval for the aid package because they are allowed to take it from the U.S. Treasury under the Commodity Credit Corporation, a Department of Agriculture agency created in 1933.

On Tuesday, the Trump administration said it will use a Great Depression-era program to pay up to $12 billion to help USA farmers weather the growing trade war. Diplomatic sources said that while official exchanges between the two countries have been greatly reduced since the trade dispute flared in the past months, it was likely that communications might still be continuing at lower levels. That's according to two people who have been briefed on the plan who spoke on condition of anonymity ahead of a formal announcement.

Tariffs on US goods have impacted all sectors of the economy, according to the USDA's trade counsel to the secretary, Jason Hafemeister. The U.S. and China have threatened to impose 25 percent tariffs next week on $16 billion of each other's goods.

"We will not go against the spirit of this agreement unless either party terminates this negotiation", the U.S. president said, adding that the next step will be to withdraw USA tariffs on aluminum and steel imposed in May, as well as European Union retaliatory tariffs that followed.

"I think it's a catastrophe that we don't talk to each other". Ryan said he doesn't support tariffs.

"USDA will not stand by while our hard-working agricultural producers bear the brunt of unfriendly tariffs enacted by foreign nations".

Still, the deal announced Wednesday with the European Union is an encouraging sign that America's trade partners may be able to placate the Trump administration with offers to buy more USA goods, averting a trade war that the International Monetary Fund has warned may undermine the strongest global upswing in years.

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