Trump plans emergency aid to farmers affected by his tariffs

Trump Tapping $12B to Help Farmers Affected by Tariffs

As just one example of how farmers are impacted, China used to import $1 billion worth of American-grown sorghum annually, which made up 77 percent of all USA sorghum exports. The imposition of punishing tariffs on imported goods has been a favoured tactic by Trump, but it has prompted US trading partners to retaliate, creating risks for the economy. This caused the price of sorghum to drop significantly, and forced ships full of sorghum heading to China to change course.

- The government announced a $12 billion plan Tuesday to assist farmers who have been hurt by President Donald Trump's trade disputes with China and other trading partners.

Soybean futures 0#S: also rose as traders bet farm aid would improve demand, reducing a current surplus supply. The U.S. 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.

In the past four months, Trump has imposed tariffs against steel and aluminum imports from China, Canada, Mexico, the European Union, Japan, and a range of other countries, and he is threatening to broaden the scope of the tariffs to cars and uranium imports, among other things. China said it would retaliate, leaving even more US farm products at risk. It accounts for a quarter of US vehicle imports. This aid package can be authorized without congressional approval because it uses the Department of Agriculture's Commodity Credit Corporation, a Depression-era program authorized to borrow up to $30 billion in order to "stabilize, support, and protect farm income and prices".

"Tariffs are the greatest!", he wrote. "All will be Great!" he concluded.

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Mr. Trump's stance is in direct opposition to bipartisan criticism toward his tariff policies. He added that, "Tariffs are taxes".

Several of these countries have responded to Trump's trade measures by imposing tariffs of their own, and farmers have complained that they are the victims of retaliation from other countries, which they rely on to sell their products.

He promised to protect USA workers and promote American industry after threatening to impose another $500 billion in tariffs on Chinese exports - a move expected to bring more Chinese retaliation against US goods.

Sen. Ben Sasse (R-Neb.) was even more scathing in his response to this move.

"Time and time again I've heard from farmers that they want trade, not aid", said Senator Ron Johnson, a Republican from Wisconsin. "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again".

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