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

Even Iowa Republican Sen. “What they want is less trade war”.

“They’re all aiming at anybody that likes me”, he said.

“Farmers will be the biggest beneficiaries”, Trump told the crowd gathered inside Kansas City’s Municipal Auditorium.

U.S. President Donald Trump walks up a driveway prior to delivering remarks at a showcase of American-made products at the White House on July 23, 2018. “It’s a short-term fix”. He grows about 25,000 bushels of soybeans a year, so if the price goes down $2, that costs him around $50,000.

“What we’ve got now is some pushback in the United States”, Holtz-Eakin said. And on Tuesday, Trump announced plans to impose 10 percent tariffs on an additional $200 billion in Chinese imports by the end of August.

The effect of new tariffs on small and medium-sized businesses, the protection of which was a prominent staple of Trump’s presidential campaign, was a recurring theme on Tuesday morning, with a number of witnesses from the chemical industry saying that such companies are reliant on imported products that only China offers.

“Tariffs are taxes that punish American consumers and producers”, Kentucky Republican Senator Rand Paul wrote on Twitter.

Baldwin says retaliatory tariffs are depressing commodity prices and “crushing the spending power of farmers to buy equipment and pay their bills”.

“It doesn’t make me feel any better”, the operative said.

The announcement came hours after Trump tweeted that tariffs “are the greatest!”.

He said trading partners such as China and the European Union have deliberately targeted the USA agricultural industry with retaliatory tariffs because they know it’s the heart of Mr. Trump’s political base. It’s as simple as that – and every body’s talking!

The aid is meant to shield the industry as countries raise taxes on USA products such as soybeans in response to new Trump administration tariffs. “All will be Great!”

But some Republicans disagree with the president.

The administration said the program was just temporary.

The bailout plan comes just as voters in several farm states are preparing to cast votes in the midterm elections.

“This is a short-term solution that will give President Trump and his administration the time to work on long-term trade deals”, said Agriculture Secretary Sonny Perdue as administration officials argued that the plan was not a “bailout” of the nation’s farmers.

The officials said payments couldn’t be calculated until after harvests come in.

Farmers already have “quite a few” assistance programs, he said.

The emergency bailout aimed to ease the financial and political pain caused by Trump’s escalating trade and tariff war in key electoral states, sources told CNBC. “IL corn farmers need the administration to complete the modernization of NAFTA, resolve other ongoing trade disputes, and provide improved domestic and worldwide marketplace access for ethanol through the RVP waiver promised by President Trump and by updating the lifecycle analysis of corn-based ethanol”.

“I think in this case what the president’s trying to do, his goal in terms of free trade, that’s admirable, and I think a lot of people will support that”, Sen.

South Dakota Republican Sen.

The aid from USDA will likely do little to solve farmers’ problems.