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Tom and Jerry on Tariffs Shoots Himself Make America Great Again Meme

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US announces billions to assistance farmers hurt by Trump tariffs

WASHINGTON (AP) -- The Trump administration announced Tuesday it will provide $12 billion in emergency relief to ease the pain of American farmers slammed past President Donald Trump's escalating trade disputes with Red china and other countries.

However, some farm-state Republicans chop-chop dismissed the plan, declaring that farmers want markets for their crops, not payoffs for lost sales and lower prices.

The Agronomics Department said it would tap an existing program to provide billions in direct payments to farmers and ranchers hurt by strange retaliation to Trump's tariffs.

With congressional elections coming soon, the government action underscored assistants business organisation about damage to U.Due south. farmers from Trump's trade tariffs and the potential for losing House and Senate seats in the Midwest and elsewhere.

The assistants said the plan was just temporary.

"This is a brusk-term solution that will give President Trump and his administration the fourth dimension to work on long-term trade deals," said Agriculture Secretary Sonny Perdue as administration officials argued that the program was not a "bailout" of the nation's farmers.

But that provided little solace to rank-and-file Republicans, who said the tariffs are simply taxes and warned the action would open a Pandora's box for other sectors of the economy.

"I want to know what we're going to say to the motorcar manufacturers and the petrochemical manufacturers and all the other people who are existence hurt by tariffs," said Sen. John Kennedy, R-La. "You've got to care for everybody the same."

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 past feeding the world. This administration'south tariffs and bailouts aren't going to make America great again, they're only going to make it 1929 again."

The plan is expected to starting time taking effect around Labor Twenty-four hours. Officials said the direct payments could help producers of soybeans, which have been hit difficult past retaliation to the Trump tariffs, forth with sorghum, corn, wheat, cotton, dairy and farmers raising hogs.

The nutrient purchased from farmers would include some types of fruits, basics, rice, legumes, dairy products, beef and pork, officials said.

Trump did not specifically reference the plan during a speech to veterans in Kansas City, but asked for patience equally he attempts to renegotiate trade agreements that he said have hurt American workers.

"Nosotros're making tremendous progress. They're all coming. They don't want to take those tariffs put on them," Trump told the Veterans of Foreign Wars national convention. "We're opening upward markets. You watch what's going to happen. Just exist a little patient."

Agriculture officials said they would not need congressional approval and the coin would come through the Commodity Credit Corporation, a wing of the section that addresses agricultural prices.

The officials said payments couldn't be calculated until after harvests come in. Brad Karmen, the USDA's assistant deputy administrator for subcontract programs, noted that the wheat harvest is already in, then wheat farmers could become payments sooner than other growers.

Soybeans are likely to exist the largest sector affected by the programs. Soybean prices have plunged eighteen percentage in the past 2 months.

Trump declared earlier Tuesday that "Tariffs are the greatest!" and threatened to impose additional penalties on U.Southward. trading partners every bit he prepared for negotiations with European officials at the White House.

Later Tuesday, he tweeted: "I have an thought for them. Both the U.South. and the East.U. drop all Tariffs, Barriers and Subsidies! That would finally be chosen Gratis Market and Off-white Trade! Hope they practice information technology, nosotros are set up - but they won't!"

Tariffs are taxes on imports. They are meant to protect domestic businesses and put strange competitors at a disadvantage. Only the taxes also verbal a cost on U.S. businesses and consumers, which pay more for imported products.

The Trump administration has slapped tariffs on $34 billion in Chinese goods in a dispute over Beijing's loftier-tech industrial policies. Mainland china has retaliated with duties on soybeans and pork, affecting Midwest farmers in a region of the country that supported the president in his 2016 campaign.

Trump has threatened to identify penalization taxes on up to $500 billion in products imported from China, a motion that would dramatically ratchet up the stakes in the trade dispute involving the globe's biggest economies.

The moves have been unsettling to lawmakers with districts dependent upon manufacturers and farmers affected by the retaliatory tariffs.

Sen. Jerry Moran, R-Kan., said the proposal was raised a month ago when senators visited the White House for a wide word on trade. He said the lawmakers told the president "that our farmers want markets, and not really a payment from government. And he said, 'I'k surprised, I've never heard of anybody who didn't want a payment from government.'"

Sen. Bob Corker, R-Tenn., who has been critical of the president in the past, said the tariffs "are a massive tax increase on American consumers and businesses, and instead of offering welfare to farmers to solve a problem they themselves created, the administration should reverse course and end this incoherent policy."

Republican Sen. Charles Grassley, whose family operates a farm in eastern Iowa, said the administration'southward move was "encouraging for the curt term" simply farmers needed "markets and opportunity, not government handouts."

The Agriculture Section predicted before the trade fights that U.S. farm income would drop this year to $60 billion, or half the $120 billion of 5 years ago.

Mark Martinson, who raises crops and cattle in n-central Northward Dakota and is president of the U.S. Durum Growers Association, said the $12 billion figure "sounds huge" but at that place are many farmers in need. "I don't recollect this will cover us for a very long fourth dimension — and it might not fifty-fifty purchase me a tank of diesel fuel. I think it will only put out the fire a piffling bit."

"We are just kind of beingness played," said Tom Giessel, who was cultivating his fields when he stopped his tractor to have a jail cell phone call from a reporter seeking his reaction to the plan.

Giessel, who grows wheat and corn near the western Kansas community of Larned, said he was "glad they are trying to be doing something, only I don't know when the day is over how much difference information technology is going to make. The underlying problem is still there."

The imposition of punishing tariffs on imported goods has been a favored tactic past Trump, just it has prompted U.S. partners to retaliate, creating risks for the economy.

Trump has placed tariffs on imported steel and aluminum, proverb they pose a threat to U.South. national security, an argument that allies such as the European Wedlock and Canada refuse. He has too threatened to slap tariffs on imported cars, trucks and automobile parts, potentially targeting imports that last yr totaled $335 billion.

The president is meeting with European Commission President Jean-Claude Juncker on Wednesday. The U.Southward. and its European allies are coming together as the dispute threatens to spread to automobile production.

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Associated Printing writers Jill Colvin, Kevin Freking and Matthew Daly in Washington, James MacPherson in Bismarck, North Dakota, and Roxana Hegeman in Wichita, Kansas, contributed.

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On Twitter follow Ken Thomas at https://twitter.com/KThomasDC

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Source: https://finance.yahoo.com/news/trump-threatens-more-tariffs-us-115353953.html

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