Trump Plans Farm Bailout To Deal With Backlash To His Trade War
24 July, 2018, 21:24 | Author: Teresa Adams
You read that and wonder if Trump took a single economics class at the University of Pennsylvania, but it's not an entirely unpopular position. The plan aims to provide temporary relief to farmers who have faced retaliation from USA trade partners during Trump's escalating trade dispute with China. It allows the CCC to borrow up to $30 billion from the Treasury Department to "stabilize, support, and protect farm income and prices".
The $12 billion will reportedly come in the form of direct assistance, a food purchase and distribution program, and a trade promotion program. White House officials hope it will quiet some of the unease from farm groups, but the new plan could revive debates about taxpayer-funded bailouts and the degree to which Trump's trade strategy is leading to unforeseen costs. "For decades, we've seen tariffs, we've seen barriers to selling product, and it needs to be fixed".
Although some have applauded the president for trying to clamp down on unfair trade practices by China, farmers have repeatedly warned that it could threaten their already struggling industry.
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Speaking at the Heritage Foundation, Johnson said these trade disputes "could just totally run out of control" and likened them to "throwing a hand grenade of uncertainty" into the economy.
Despite Trump's boasts of "winning" his trade wars with multiple countries, many Trump-supporting farmers across the country have been sounding the alarm that they will be badly hurt by retaliatory tariffs on American soybeans.
Trump has also placed tariffs on imported steel and aluminum from the European Union and Canada, threatening to slap tariffs on imported cars, trucks and auto parts.
Earlier Tuesday, the president praised tariffs in a tweet. Trump wrote in a Twitter post Tuesday, warning countries must negotiate a "fair" trade deal or they will get hit with tariffs.
In response to steep tariffs imposed by the Trump administration, China has responded with tariffs of its own on American goods. But conservative critics of the White House's approach said on Tuesday that Trump's move to offer rescue funds to farmers suggests the standoff with other countries won't end soon.
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Indeed, when Trump came to office, many Russians hoped he would pave the way for lifting sanctions and ending years of tensions. Having Donald Trump in the White House is looking increasingly like a liability for the Kremlin, rather than an asset.
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Many happy returns of the day to Prince George! George has indulged in some serious conversation with the U.S. president Obama. It seems like only yesterday Prince William and Catherine were introducing their little bundle of joy to the world.
Special counsel Robert Mueller is investigating any potential collusion between Trump campaign associates and the Kremlin. Senate Democratic leader Chuck Schumer said Mr Trump was trying to "squirm away" from his comments alongside Mr Putin .
Geraint Thomas rode his way into the yellow jersey with a memorable victory on stage 11 of the Tour de France to La Rosiere. The win is the biggest of the versatile Dane's career so far, surpassing his two sprint wins in the 2016 Vuelta a España.
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Those leaders are already fuming over Trump's imposition of trade tariffs on various countries, including Russian Federation . Niinistö also called attention to the importance of establishing and fostering a dialogue between the two heads of state.
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