Trump administration announces $12 billion 'bailout' for farmers

Trump administration announces $12 billion 'bailout' for farmers

Trump administration announces $12 billion 'bailout' for farmers

Trump and European Union Commission President Jean-Claude Juncker agreed to open talks to tear down trade barriers and address US tariffs on steel imports. Juncker said the European Union "can import more soybeans from the US, and it will be done".

Juncker, after Trump imposed tariffs on steel and aluminum imports, said in March that "this is basically a stupid process, the fact that we have to do this".

He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that a year ago totaled $335 billion.

"We should talk about reducing tariffs instead of increasing them", Mr Juncker said, as Mr Trump nodded.

"They don't want to have those tariffs put on them, they're all coming to see us, and the farmers will be the biggest beneficiary", said the president. Trump and Juncker said they have agreed to work toward "zero tariffs" and "zero subsidies" on non-automotive goods. "They are all aiming for anybody who likes me", Trump told the crowd at the Veterans of Foreign Wars national convention in Kansas City on Tuesday as he spoke of foreign countries who have imposed retaliatory tariffs that impact Trump's base.

The negotiations at the White House came as Mr Trump has provoked a series of trade disputes with global trading partners, including China, whom he accused of employing "vicious" tactics aimed at hurting American farmers.

The moves drew howls from European capitals, and prompted of retaliatory tariffs on USA -made bourbon whiskey and motorcycles.

European Union officials have managed expectations about the progress that Juncker is likely to make with Trump.

Cramer testified before the U.S. Trade Representative's office during a public hearing Tuesday, where he welcomed "strong defensive actions" against China's "unfair trade practices" that he argued previous administrations have failed to curtail. Juncker will suggest eliminating tariffs across the board on cars, in a multilateral trade agreement that includes all car-manufacturing countries to comply with the World Trade Organization.

Agriculture Secretary Sonny Perdue and other USDA officials say the aid will be available in three forms direct payments government purchases for distribution to food banks and development of new export markets
Trump greets EU chief, says US seeks 'level playing field' on trade

Meanwhile, on Tuesday, the White House said it is preparing a $12 billion aid package for US farmers hit by trade tensions.

And it is not just Europeans opposing these tariffs, but American companies as well.

"We tried earlier in TTIP negotiations to make the United States loosen those laws", Malmstrom said.

Ohio Gov. John Kasich, R-Ohio, a frequent critic of Trump, tweeted that "tariffs are taxes on American consumers" and "protectionism doesn't work" for the American economy. The EU charges a 10 percent tariff on imports of USA automobiles, and the United States has a 2.5 percent tariff on European cars.

The Trump administration has threatened new tariffs, and the president is reportedly considering up to a 25 percent tariff on automobile imports - one that could spark more retaliation and affect already hard-hit communities in auto manufacturing hubs like Michigan, Ohio and Kentucky.

After emerging from the White House, he described his talk with Mr Trump as a "good and constructive meeting". "The farm economy can not take this and we need to get back to work and increase these exports".

The EU is stepping in to ease some of US farmers' pain. "I just don't think tariffs are the way to go, and our members are making that pretty clear". Trump could impose auto tariffs on national security grounds once Commerce Secretary Wilbur Ross completes a required investigation, which could come anytime before a deadline by early next year.

China has counterpunched with tariffs on American products, including soybeans and pork - a shot at Trump supporters in the US heartland.

Singer Demi Lovato hospitalised due to drug overdose
Support for Lovato has been offered by several other celebrities and friends after the news broke of her suspected overdose. If I know my monsters as well as I believe I do, we all wish you self-compassion and inner peace.

Related news