Monday, 20 August, 2018

Focus on Trump's meeting with European Commission President Juncker - Deutsche Bank

White House Admits Tariffs Are Hurting Farmers As It Plans Relief Program Trump administration plans to help farmers hurt by global trade tensions
Lindsey Cook | 25 July, 2018, 15:45

The Trump administration moved on Tuesday to mitigate for US farmers the economic damage of the president's escalating trade war with allies and China, announcing $12 billion in emergency relief. Sen.

The Trump administration says the aid will be given out based on the farmers production and what trade disruption damage they've experienced.

The administration's action appeared to divide Republicans, with some praising the move and others troubled by what they view as the kind of widespread government-assistance programme their party has traditionally opposed.

"This obviously is a short-term solution that will give President Trump time to work on a long-term trade policy", Perdue said.

And Senator Rand Paul tweeted that "Tariffs are taxes that punish American consumers and producers". It would be nice for it to turn around and go in the opposite direction, but in the end I don't know where it is going to end up. John Kennedy, R-La. "You've got to treat everybody the same".

"This trade war is cutting the legs out from under farmers and the White House's "plan" is to spend $12 billion on gold crutches", said Senator Ben Sasse, of Nebraska who frequently criticizes the president, a fellow Republican.

"This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again", he said in a statement. Officials explained that Labor Day remains the effective date for when the programs will begin operating. China has retaliated with duties on soybeans and pork, affecting Midwest farmers in a region of the country that supported the president in his 2016 campaign.

The Food Purchase and Distribution Program will buy up surplus fruit, nuts, legumes, rice, pork, and dairy, distributing the products to food banks and nutrition programs.

He told an event in Kansas City on Tuesday that "farmers will be the biggest beneficiary" of trade talks.

"We're making tremendous progress".

At a meeting of the leaders of the G7 major powers in Canada last month, Trump accused Juncker of being a "brutal killer", presumably with regard to the EU's trade policies.

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"We're losing access into even Mexican markets where we sell certain commodity products that were worth several million dollars", he said.

He added: "Pretend someone smashed your auto, and then someone said, 'Don't worry, I will give you a ride to the next place you have to go.' Well, thank you, I appreciate the ride, but what am I going to do the next 10 rides I need after that?"

"We have to do it", Trump said, blasting both China and the European Union.

"My farmers are desperate, they need to make sure they have a lifeline", Heitkamp said.

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

Federal subsidies for farmers, however, are likely to place congressional Republicans, who typically resist large-scale government assistance programs, in a hard position of supporting the president, a fellow Republican, or distancing themselves.

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

It is a clear signal the U.S. President Donald Trump is determined to stick with tariffs as his weapon of choice in the conflict.

Senator Jodi Ernst also agreed, writing: "While a trade mitigation package could boost farmer morale in the short term, this is ultimately a short term fix".

Under the new plan, the U.S. government will provide direct financial assistance to farmers, as well as do things like buy up surplus agricultural products and put them into low-income food assistance programs.

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