Farmers prefer Trump do trade deals than hand them cash

26 July, 2018, 02:26 | Author: Martin Tyler
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The president highlighted that meeting in another tweet. And when it comes to security, he says the Europeans are refusing to pay their share in North Atlantic Treaty Organisation and instead live off the massive USA defense budget. China alone imported $12.3 billion of U.S. soybeans past year, according to the U.S. Department of Agriculture.

The president has repeatedly called the European Union - which includes numerous U.S.'s oldest and most committed allies - an unfair trading partner and even labeled it a "foe".

Especially hard hit - producers in the American heartland who find their pork, soybeans and other products too expensive to be competitive.

"A Band-Aid doesn't cure an illness, but it might make it temporarily better", said Dave Struthers who grows corn, soybeans and hay on a 1,100-acre Iowa farm near Collins, about 30 miles (48 kilometers) northeast of Des Moines. "I have met him frequently and know how to deal with him".

Trump on Tuesday announced a $12 billion bailout for American farmers whose export markets have been hit by retaliatory tariffs from China.

The US has unveiled a $12bn (£9.1bn) plan aimed at helping US farmers hurt by the intensifying trade war.

USDA commits $12B for farmers, ranchers affected by tariffs
Some of Trump's fellow Republicans are also already balking at the idea of government-funded bailout for a trade war they oppose. The program is expected to start taking effect around Labor Day in the USA on September 3.

The imposition of punishing tariffs on imported goods has been a favoured tactic by Trump, but it has prompted USA trading partners to retaliate, creating risks for the economy.

EU Trade Commissioner Cecilia Malmstrom, who is accompanying Juncker, expressed some optimism that a solution could still be found, but also said the EU is drawing up a list of $20 billion in United States products to be targeted for retaliation if the trip fails.

Agriculture officials said the payments couldn't be calculated until after harvests come in. "This is about helping them until we get there".

President Trump "has promised that he had the back of every American farmer and rancher", Perdue said. "We're trying to sort through a lot of the chaff to get down to the real heart of the issue to make this thing a little more equitable".

"Without prompt action, we could lose farmers and the rural businesses they support and depend on at an even more rapid rate". The move was retaliation for tariffs the United States placed on Chinese goods, mostly targeting the aerospace, robotics and machinery industries.

To date, every time that the Trump administration has imposed a tariff on China, China has imposed an equal tariff on USA goods.

China won’t devalue yuan to boost exports
The BOJ, in turn, offered to buy an unlimited amount of five- to- 10-year Japanese government bonds on Monday. The fixing was 298 pips or 0.44 percent weaker than Monday's midpoint of 6.7593.

USA farm profits were already projected to reach a 12-year low before any trade actions were announced.

Many Wisconsin politicians are echoing that sentiment, saying payback for trade tariffs is not the way to go.

But more voices including in Trump's own Republican Party are coming out against his confrontational stance. He hoped "free, fair and reciprocal trade is in our near future".

House Speaker Paul Ryan expressed reservations that tariffs were the best approach. "This administration's tariffs and bailouts aren't going to make America great again".

"This friction that we're having, as long as it results in lowering barriers. that's great".

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