President Trump on EU Trade Negotiations: Better Late Than Never

24 July, 2018, 21:25 | Author: Shannon Aguilar
  • Trump Tapping $12B to Help Farmers Affected by Tariffs

This year's showcase comes during a contentious period in USA trade relations, after the Trump administration targeted China and some U.S. allies with steep tariffs on a variety of goods.

Earlier Tuesday, the president praised tariffs in a tweet.

"Tariffs are the greatest!". Trump wrote in a Twitter post Tuesday, warning countries must negotiate a "fair" trade deal or they will get hit with tariffs.

Nebraska Senator Ben Sasse, a Republican, criticized the bailout, and the administration's underlying trade policy.

"Tariffs are not great", Toomey told CNBC, echoing Ryan.

The agriculture sector was already suffering before the president's tariffs.

Axios notes the bailout is being advertised as "temporary", but that, too, was the original idea with the tariffs that produced the retaliatory actions by China that have created the most heartburn in the heartland.

Trump is set to visit Kansas City, Missouri, on Tuesday and will travel to IL and Iowa later in the week - all states that are beginning to see the impact of US and retaliatory tariffs.

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Soybean farmers have also been hurt by falling soy prices tied to these tariffs.

For instance, China is the biggest buyer of US soybeans, importing more than $12.4 billion worth of the oil seed in 2017, according to the Peterson Institute for International Economics.

Some of the companies invited to set up their products inside the White House say they were both surprised and honored to have been asked to participate.

After Trump announced plans to impose $50 billion in tariffs on Chinese imports, Beijing retaliated with plans to impose tariffs on a range of agricultural products from the U.S. including soybeans, grains, meats and dairy products.

There's no sign of a quick resolution to the trade dispute.

In June when U.S. Secretary of Commerce Wilbur Ross announced the U.S. would be levelling a 25 per cent steel tariff and 10 per cent tariff on aluminum against Canada among other countries, he cited section 232 of the U.S. Trade Expansion Act, which handles trade matters considered a threat to national security.

This is a developing story and will be updated.

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