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Tariffs are greatest: Donald Trump

24 July, 2018, 21:25 | Author: Sara Gill
  • Trump Tapping $12B to Help Farmers Affected by Tariffs

The Trump administration is preparing a plan to provide billions of dollars in emergency aid to farmers who have been hurt by tariffs. The imposition of punishing tariffs on imported goods has been a favoured tactic by Trump, but it has prompted US trading partners to retaliate, creating risks for the economy. This aid package can be authorized without congressional approval because it uses the Department of Agriculture's Commodity Credit Corporation, a Depression-era program authorized to borrow up to $30 billion in order to "stabilize, support, and protect farm income and prices".

The funds will come through direct assistance, a food purchase and distribution program, and a trade promotion program. Beijing's retaliatory tariffs have hit American soybeans and pork.

Sen. Rand Paul (R-Ky.) also tweeted, saying: "Tariffs are taxes that punish American consumers and producers". "We'll make it up to them", he said.

"America's farmers don't want to be paid to lose - they want to win by feeding the world", he said. After $34 billion in tariffs against China went into effect earlier this month, China responded with its own equivalent tariffs soon after, targeting US agricultural products including soy, corn, wheat, pork, poultry and more.

"Tariffs are the greatest!" he wrote on Twitter.


Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to US national security, an argument that allies such as the European Union and Canada reject.

Trump has threatened to place tariffs on up to $500 billion in products imported from China, a move that would dramatically ratchet up the stakes in the trade dispute involving the globe's biggest economies. One week later, autoworkers, foreign ambassadors, and lawmakers spoke out against new potential tariffs against imported cars and auto parts.

His remarks come just ahead of his expected meeting with the European Union commission president, where they will discuss renegotiating trade agreements.

Canada, Mexico and the European Union also struck back at Trump's leveling of USA steel and aluminum tariffs by hitting U.S. exports of agriculture products and other heavily exported United States goods.

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