Trump plans to give billions in aid to farmers hurt by tariffs

Trump plans to give billions in aid to farmers hurt by tariffs

Additionally, the product's final assembly or processing must have taken place in the US. But it is a bit novel to hit farmers with one hand and then offer them compensation with the other, and it could even expose the U.S.to sanctions by the World Trade Organization for supplying the same sorts of illegal subsidies of which Trump likes to complain.

The US slapped tariffs on $34 billion of Chinese imports.

Trump said separately during a speech in Kansas City that "farmers will be the biggest beneficiary" of his trade agenda as he seeks better trade agreements. Retaliatory tariffs against the United States have included additional export costs for soybeans, pork, and beef, among other goods and services.

The Washington Post notes that the program was created so long ago that it doesn't require congressional approval while taking out a loan of up to $30 billion.

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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.

The US and European allies have been at odds over the president's tariffs on steel imports and are meeting as the trade dispute threatens to spread to automobile production.

"I'm only in favor of the tariffs to fix the problem that's been going on for decades", Bruce Rastetter said during an interview with FOX Business' Stuart Varney on Tuesday.

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".

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Where is the $12 billion coming from?

"Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs".

Not everyone in Trump's own party is happy with the move. He added that, "Tariffs are taxes".

The new plan at the Agriculture Department would advance emergency funds for these farmers but likely not provide a long-term solution if the trade disputes with China and other countries persist.

Sen. Ben Sasse, R-Neb., said the plan would spend billions on "gold crutches".

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Brennan replied to an earlier message from Trump on Twitter calling tariffs "the greatest".

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