Trump says China is being 'vicious' by hitting US farmers with tariffs

25 July, 2018, 17:26 | Author: Shannon Aguilar
  • Robert Sakata

Nick VanWychen, a Kaukauna farmer, says soybeans are one of the crops most affected by trade disputes.

Schreurs said the economics of the issue make it hard to solve. "They let our factories leave, they let our people lose their jobs", Trump said at the White House.

The Trump administration imposed tariffs of 25% on about $34 billion worth of Chinese goods earlier this month and has another $16 billion pending.

Coming up: The US is also considering additional tariffs of more than $200bn on Chinese products, as well as duties on foreign cars and vehicle parts, which represent more than $300bn in annual trade.

The size of the direct payments to farmers as a result of trade shortfalls would be unprecedented, said Scott Irwin, an agricultural economist at the University of IL.

"It doesn't make me feel any better", the operative said.

Trump himself pleaded with farmers to "just be a little patient".

"Tariffs are the greatest!"

President TrumpDonald John Trump2 women win Georgia Dem runoffs, extending streak for female candidates Giuliani on Trump-Cohen audio: "I've dealt with much worse tapes than this" Roseanne to sit down with Hannity in first television interview since ABC canceled show MORE on Wednesday pushed back against the overwhelming criticism he's received for doubling down on steep tariffs against USA allies, asserting that the "end result will be worth it" despite bipartisan concerns his trade policies are hurting the economy. "It's as simple as that - and everybody's talking! All will be Great!"

Riley is also anxious the aid package could jeopardize the farm bill which is in a House-Senate conference committee right now.

White House Admits Tariffs Are Hurting Farmers As It Plans Relief Program

President Donald Trump on Wednesday lashed out at China over the latest escalation in the trade spat between the world's two largest economies. But Farmers for Free Trade, a bipartisan group that works for trade policies that benefit farmers, said "farmers need contracts, not compensation, so they can create stability and plan for the future".

"The administration must develop a support mechanism that will mitigate the significant damage that is being inflicted upon our most vital global markets for years to come", he said in a statement. This support will help farmers manage disrupted markets, deal with surplus commodities, and expand and develop new markets at home and overseas.

Soybean prices - in the face of trade fears with China - have hovered around historic lows for months, leading Republican lawmakers in red states to raise red flags about the impact these tariffs could have on Trump country. President Donald Trump has ordered the Department of Agriculture to dole out $12 billion in aid.

The CCC has broad authority to make loans and direct payments to US growers when prices for corn, soybeans, wheat and other agricultural goods are low. "As I've said all along, nobody wins in a trade war".

"It's a Band-Aid", Thune told CNN's Ted Barrett.

The news lifted shares of farm equipment companies on the prospect that farmers will have more money to spend on tractors and other farm gear.

Still, Blake Hurst, a corn and soybean farmer and president of the Missouri Farm Bureau, said that unless the White House's policies change, the US agriculture industry will continue to suffer.

And the Koch Brothers-aligned Americans for Prosperity President Tim Phillips poured cold water on the plan shortly after it was announced.

Extra farm aid would be a balm to producers who are seeing prices drop and inventories rise because of disputes with China, Canada and other trade partners who are significant purchasers of USA pork, soybeans and other crops. "It doesn't get more Washington than that".

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