USA to give farmers $12bn trade war bailout

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

The Tweet seems to counter the President's earlier statement on tariffs-and his position on trade more generally, which has sought to raise tariff's as a form of protectionism to help USA industry.

Republican candidates in the upcoming congressional elections in November, however, have expressed deep concern about their states' farm economies.

President Donald Trump greeted supporters after arriving at the Kansas City International Airport to attend the national convention of the Veterans of Foreign Wars, today, in Kansas City, Mo.

The Agriculture Department predicted before the trade fights that US farm income would drop this year to $60 billion, or half the $120 billion of five years ago.

Mr Kirchner said it was a clear indication that Donald Trump was digging in when it comes to imposing tariffs.

"But it's all working out", he said.

And the general reaction from farmers, many of whom would benefit from the payments, is that it's a short-term fix that won't work in the long run.

However, some farm-state Republicans quickly dismissed the plan, declaring that farmers want markets for their crops, not payoffs for lost sales and lower prices. The program is expected to open for farmers to apply at the end of August.

Some were quick to denounce the proposal.

More news: USA intelligence chief says no disrespect intended toward Trump

Sen. Ben Sasse, R-Neb., said the plan would spend billions on "gold crutches", adding, "America's farmers don't want to be paid to lose - they want to win by feeding the world".

"Tariffs are taxes that punish American consumers and producers", Kentucky Republican Senator Rand Paul wrote on Twitter.

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

Democratic US Representative Jackie Speier of California, a major agricultural state, challenged the president on Twitter. He suggested they're being used as negotiation leverage for better trade deals.

Deere & Co jumped 2.7 per cent, while Caterpillar Inc gained more than 1 per cent and AGCO Corp rose 0.5 per cent. Soybean futures, hit hard by China's retaliatory tariffs, rose 1.2 per cent and hit their highest in two weeks as traders bet farm aid would improve demand, reducing a current surplus supply. In a tweet on Tuesday night, Trump said both the United States and the European Union should drop all tariffs, barriers and subsidies. Those affected economies have in turn targeted USA agricultural products, including soybeans, dairy, meat, produce and liquor.

Options activity has been known to spike before the public announcement of market-moving news and the U.S. Securities and Exchange Commission has pursued enforcement actions when the activity has been determined to be insider trading involving options.

Finally, the CCC will use its Charter Act authority for a Trade Promotion Program administered by the Foreign Agriculture Service (FAS) in conjunction with the private sector to assist in developing new export markets for our farm products.

Mr Kirchner said it was unclear what affect the trade wars would have on agricultural exports. Though the Republican said they would happily welcome the political benefits that will come from the farm aid plan, they anxious the damage may already be done with growers whose farm prices and commodity prices have shrunk in recent months. "This proposed action would only be a short-term attempt at masking the long-term damage caused by tariffs", the group's Executive Director Brian Kuehl said in a statement.

Related News:



Most liked

Demi Lovato is 'awake and with her family,' representative says
It was sentiment shared by Riverdale actress Lili Reinhart, who recalled the influence the singer had on her in her younger days. Singer Missy Elliott wrote , "You just never know what people are going through so please have compassion & no jokes", she said.

After Trump tweet, White House says Iran, not U.S. , is 'inciting'
Mr Pompeo said he wanted to try to stop countries importing Iranian oil by November as part of continued pressure on Tehran . Iran reacted to Pompeo's speech as interference in its affairs, the semi-official Tasnim news agency reported.

Gunman shoots dead two on street in Toronto
It was not confirmed by the SIU whether the death was self-inflicted or as a result of the exchange of fire with police. Jody Steinhauer was celebrating her birthday with family at Christina's restaurant when they heard 10 to 15 shots.

Tour de France riders sprayed with chemical
Still, all riders wearing a Team Sky outfit are often being jeered from the roadside . And that's when the statements began to change a little. "I'm thinking day by day".

Germany treatment of Mesut Ozil 'unacceptable' - Turkey president Erdogan
Arsenal confirmed that Iwobi was one of three first team players that travelled with the squad from London to Singapore on Sunday. And Ozil questions in his statement why other dual-heritage team-mates have not been subjected to the same treatment.

Tesla: asking suppliers for cash back is 'standard' negotiating strategy
The remainder of supplier discussions focus on future parts price or other changes that will help lower costs, he said. Based on the WSJ report, suppliers appear reluctant to compromise their own profitability to buoy Tesla .

'Never, ever threaten the United States again': Trump lashes out at Iran
It comes after Rouhani warned the USA against "playing with the lion's tail" and threatening Iran . Pompeo refused to distinguish between moderates and radicals at the heart of the Islamic republic.

U.S. urges Security Council to maintain N.Korea pressure
Although it's summer, China has recently increased the oil flow to the winter levels, the source told the South Korean outlet. As for the broader global community, she said, "we ask you to hold tight as we go forward".

Alisson signs on with Liverpool
Of course, for a long time it's been clear that Alisson is a top-class goalkeeper, but there was never a real chance to do it. While at AS Roma, Alisson helped the club reach the semi-finals of the UCL last season, only to be ousted by his new club.

Israel launches Gaza strikes as soldier dies from gunshot
Israel maintains many of those it has killed were Hamas militants and says its security concerns necessitate its blockade of Gaza. Israel did not confirm the deal, which was the second such ceasefire agreement in a week.

Donald Trump backtracks on Helsinki remarks, says he 'misspoke'
Indeed, as more and more evidence of Putin's election manipulation emerges, the shadow over Trump's presidency grows larger. President Trump's relationship with President Putin is under increasing scrutiny, even by those on the right.

Judge denies Manafort's request to suppress evidence
Manafort's trial on money laundering and other corruption charges is set to begin July 25. That means the government couldn't use their statements against them.

Trump rips Fed for raising interest rates
Shares in trade-sensitive stocks were hardest hit, with auto makers Daimler, Volkswagen and Fiat Chrysler all down more than 1pc. I don't really - I am not happy about it. "I couldn't care less what they say, because my views haven't changed", he said.

Mourinho bemoans 'very bad' preseason for United
It is hard to say winning the World Cup is not good for a player's career, I can only imagine it will only be positive. I have to respect the United States authorities in their process of selection for visas.

Blue Origin plans high-altitude escape test on launch Wednesday
Eventually, up to six passengers at a time could get on board the New Shepard spaceship, which flies under autonomous control. The launch will also see the New Shepard rocket perform a high-altitude escape motor test to push the ship to its limit.