Trump Plans Farm Bailout To Deal With Backlash To His Trade War

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

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.

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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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