President Donald Trump holds up a “Make Our Farmers Great Again” hat as he speaks during the 2018 Made in America Product Showcase event, July 23, 2018, in the Cross Hall of the White House in Washington, D.C.
In a speech to The Veterans of Foreign Wars of the United States on Tuesday, Trump said farmers will eventually be “the biggest beneficiary” of his tariffs.
About one out of every three rows of US soybeans is shipped to China, according to estimates.
Trump and Juncker said the U.S. -EU talks would seek to eliminate tariffs, trade barriers and subsidies for non-automotive industrial goods, and cut barriers to transatlantic trade in services, chemicals, pharmaceuticals and medical products. “We’re strong economies. And the USA does well if the European Union does well”.
The dollar’s retreat was limited, however, as long-term Treasury yields climbed after the U.S. -E.U. trade news improved investor risk appetites and lessened demand for government bonds. Bob Corker (R-Tenn.) told The Washington Post.
“I think the European Union as a foe what they do to us in trade”, he said. “Hopefully soon this ill-thought-out policy will end”. Farm-state lawmakers often say they would prefer trade rather than aid.
“It will make trade fairer and more reciprocal”, Trump said. Lost $817 Billion on Trade past year.
“The buyers in China are still making orders and bringing them in”. “And we will reassess the existing tariffs on steel and aluminum”. And Democratic Senator Heidi Heitkamp, from North Dakota, argued that the sum would be vastly insufficient if the trade war escalates. “We will therefore, work closely together with like-minded partners to reform the WTO and to address unfair trading practices including intellectual property theft, forced technology transfer, industrial subsidies, distortions created by state-owned enterprises, and overcapacity”. WTO Director-General Roberto Azevedo said Wednesday he is hoping to “stop this trend” of growing restrictions on trade.
The third prong of the plan is to help farm groups develop new export markets.
Why it matters: The aid package could have far-reaching economic consequences and will likely play a role in the elections this fall. The Senate has several key races in agriculture-dependent states like Missouri, North Dakota, and in this November.
On Thursday, Trump is scheduled to travel to IL and Iowa to talk about the economy and his trade agenda.
“Tariffs are the greatest!”.
Trump celebrated the deal on Twitter.
President Donald Trump told European leaders Wednesday that the US wants a “fair trade deal” with the European Union as both sides sought to defuse tensions in an escalating trade battle involving some of the world’s biggest economies. It’s as simple as that – and every body’s talking!
This turmoil over tariffs is just the latest to hit struggling American farmers.
But some Republicans disagree with the president.
“China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S. They are being vicious in what will be their failed attempt”.
The size of the aid package is in line with the estimated $11 billion cost of the tariffs to American farmers.
“We just want it to be a level playing field for our farmers, for our manufacturers, for everybody”, Trump told reporters at the White House. They are not there to offset bad policy. “It’s a misuse of the programs”.
Republicans laid into the tariffs on Tuesday amid the standoff.