U.S. to give farmers $12bn trade war bailout

U.S. to give farmers $12bn trade war bailout

U.S. to give farmers $12bn trade war bailout

"We're here today to celebrate the greatest products in the world - products made with American heart, American sweat, and American pride", President Donald Trump said.

Sen. Rand Paul (R-Ky.) called the tariffs "taxes that punish American consumers and producers".

At a speech Tuesday, he asked farmers to not believe reports that a trade war is a bad thing.

This comes as President Donald Trump appears at the Veterans of Foreign Wars national convention in Kansas City in the heart of the nation's farm country.

Officials said the plan would not require congressional approval and would come through the Commodity Credit Corp., a wing of the agency that addresses agricultural prices.

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

The announcement of the plan on Tuesday would give the president a talking point when he travels Thursday to Iowa, the top USA soybean-producing state and the home state of Republican Senator Chuck Grassley, who's been critical of Trump's moves on trade.

In a tweet Tuesday, the president said "countries who have treated us unfairly on trade are all coming to Washington to negotiate".

As an example, Washington cherry producers are facing 50 percent tariffs in China, its biggest export market.

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The president tweeted his view on Tuesday that 'tarrifs are the greatest!'

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Earlier this month, 25 percent tariffs on $34 billion of Chinese imports of machinery and electronics went into effect, prompting Beijing to respond with tit-for-tat tariffs on American exports of soybeans and other products.

The moves have been unsettling to lawmakers with districts dependent upon manufacturers and farmers affected by the retaliatory tariffs.

"Right now, I am the most scared I've ever been as to where the future of farming is going", said Randy Richards, the Steele County president for the North Dakota Farmers Union. "I don't think this will cover us for a very long time - and it might not even buy me a tank of diesel". And he'll do everything he can to protect them, ' Gidley said.

The president on Wednesday will meet with European Commission President Jean-Claude Juncker at the White House as the EU hopes to convince him to hold off from raising tariffs on imported cars and avoid a trans-Atlantic trade war.

Canada, Mexico and the European Union also struck back at Trump's leveling of United States steel and aluminum tariffs by hitting USA exports of agriculture products and other heavily exported U.S. goods. The U.S. and European allies have been at odds over Trump's tariffs on steel imports and are meeting as the trade dispute threatens to spread to automobile production.

The U.S. otherwise could risk losing out to competitors like Brazil, which produces soybeans, or Ukraine and Russian Federation, both large wheat producers.

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