Agriculture Department to send $12 billion to farmers hurt by tariffs

Trump to Provide $12 Billion in Aid to Farmers. Critics Cry ‘Welfare!’                 

     

     Jim Young

"And the farmers will be the biggest beneficiary", Trump added.

He defended his aggressive stance again on Tuesday, saying it was bringing other governments to the negotiating table. John Kennedy, R-La. "You've got to treat everybody the same".

"This trade war is cutting the legs out from under farmers and White House's "plan" is to spend $12 billion on gold crutches". "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again".

The program is expected to start taking effect around Labor Day.

The almost $12 billion package will include direct payments to producers of key agricultural exports like soybeans, corn, dairy and pork; a program to purchase surplus from some agricultural producers; and efforts to build out markets for United States agricultural products.

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

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.

"We'll make it up to them". But some Republicans have indicated they're concerned about an extended trade war.

"So just in that market alone I think the United States is very exposed". "Just be a little patient", he said at a rally Tuesday around the time news of the USDA package broke.

Under the new plan, the USA government will provide direct financial assistance to farmers, as well as do things like buy up surplus agricultural products and put them into low-income food assistance programs.

The officials said payments couldn't be calculated until after harvests come in.

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Farmers already have "quite a few" assistance programs, he said.

Trump has floated the idea in the past, but he tweeted Tuesday night that he doubts the Europeans will go for the idea.

"The president writes that the U.S.is a "'piggy bank' that's being robbed". He hoped "free, fair and reciprocal trade is in our near future".

Governor Roy Cooper, who has criticized the tariffs, says he is pleased that the president has acknowledged that farmers are the ones getting hurt in this trade war, but says we need more permanent solutions. Soybean futures 0#S: , driven to a 10-year low in part by China's retaliatory tariffs, rose 1.2 percent and hit their highest in two weeks as traders bet farm aid would improve demand, reducing a current surplus supply.

The U.S. Department of Agriculture said the amount is in line with the $11 billion estimated impact of tariffs.

The aid "will provide a welcome measure of temporary relief to our farmers and ranchers", said Zippy Duvall, president of the American Farm Bureau Federation, the largest American farmer group.

Such duties, Braillie said, would harm more than 4,000 businesses and jeopardise the tens of billions of dollars the industry contributes to the USA economy. And Sen. Bob Corker (R-Tenn.), who has written legislation to remove some of Trump's unilateral power to impose tariffs, said the administration created a problem it is now having to throw money at to fix.

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.

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.

"What farmers in Iowa and throughout rural America need in the long term are markets and opportunity, not government handouts", Grassley said. "The underlying problem is still there".

Several countries and regions, including China, the European Union, Canada and Mexico, . have imposed heavier duties on USA imports in retaliation to President Trump's tariff policies. The plan will take effect around Labor Day, with the $12 billion total "calculated to match the estimated $11 billion of economic damage that retaliatory tariffs will inflict on USA farmers", officials told The Washington Post.

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