Tuesday, 21 August, 2018

Trump says China is being 'vicious' by hitting United States farmers with tariffs

Robert Sakata Robert Sakata
Scott Davis | 25 July, 2018, 16:12

But as he deepens the USA involvement in trade fights, it raises questions on whether American consumers will feel the pain of retaliatory tariffs - and whether the president will incur a political price for his nationalistic trade policies in the 2018 midterm elections.

The US plans to provide subsidies to farmers and buy unsold crops, among other measures.

Trump jolted markets once again early Friday when he said he's prepared to impose penalties on some $500 billion in Chinese goods regardless of the consequences that might ensue, economic or political.

"Overnight he also tweeted that "The European Union is coming to Washington tomorrow to negotiate a deal on Trade". And the farmers will be the biggest beneficiary.

"It doesn't make me feel any better", the operative said.

Last year, China imported $17 billion in U.S. soybeans - 31 percent of this country's entire crop.

American farmers already receive billions of dollars in federal aid every year to protect them when prices fall due to weather or market fluctuations.

"As such, we urge the administration to take immediate action to stop the trade war and get back to opening new markets", Kuehl was cited as saying by the BBC. Both the USA and the European Union drop all tariffs, barriers and subsidies! The three countries retaliate with tariffs on a total of nearly $20bn in USA products.

On the other side, Democratic Senator Tammy Baldwin released a statement, saying the state of Wisconsin has already lost 500 dairy farmers in the previous year. A second round of $16bn-worth of tariffs on goods is delayed.

The U.S. and European allies have been at odds over the president's tariffs on steel imports and are meeting as the dispute threatens to spread to the lucrative automobile business.

Trump plans $121 billion emergency aid to farmers hit by retaliatory tariffs

"If not, the EU Commission is preparing a rather long list of many of American goods". The International Monetary Fund also warned this week that trade tensions could cut global output by some $400 billion by 2020, and that the U.S.is "especially vulnerable" to effects of an international slowdown.

Much of the $12bn in emergency relief, which does not need congressional approval, will go towards direct payments to farmers of commodities such as soybeans, sorghum, and wheat, officials said. Trump said. "Hope they do it, we are ready - but they won't!" he said.

Some of the money will also go to boosting export efforts. The report's deadline is February 2019, but it is now expected by late August/early September.

The programme, which will be deployed using powers created during the Great Depression, is not meant to extend beyond this year, officials said.

This, says Ag Secretary Sonny Perdue, will let the president work on "long-term trade deals" he vows will make up for losses.

But more voices even in Mr Trump's own Republican Party are coming out against his confrontational stance.

But industry groups that represent agriculture, as well as politicians from agricultural states, criticised the relief as a short-term solution to a self-inflicted problem. Other says, it's not the right action to take.

He added, "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again".

Price increases would vary by product, ranging anywhere from a few cents on a can of beer or soup to around $6,000 on a family vehicle, if the administration moves forward with auto-specific tariffs it has threatened.

Senator Ben Sasse, a Nebraska Republican, said in a statement: "This trade war is cutting the legs out from under farmers and White House's "plan" is to spend $12 billion on gold crutches".




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