Published: Thu, July 26, 2018
Markets | By Terence Owen

Ahead of EU Meeting, Trump Rails at Domestic Critics

Ahead of EU Meeting, Trump Rails at Domestic Critics

At a speech Tuesday, he asked farmers to not believe reports that a trade war is a bad thing.

"The programs we're announcing today are a firm statement that other nations can not bully our agricultural producers to force the United States to cave in", Agriculture Secretary Sonny Perdue said. Because it's an existing program, congressional approval isn't necessary.

And the general reaction from farmers, many of whom would benefit from the payments, is that it's a short-term fix that won't work in the long run.

But intra-party condemnation of Trump's trade policy was swift, particularly from Republicans from Midwest and Southern states where the farming industry will be hit hardest.

President Trump welcomes Jean-Claude Juncker, president of the European Commission to the White House to discuss trade.

General Motors has told the commerce department that, despite Trump's assertion that tariffs would help American companies and American workers, it expects tariffs to result in "less investment, fewer jobs and lower wages". It has authority to borrow up to $30 billion from the Treasury at any one time to "stabilize, support, and protect farm income and prices".

The controversial move had left leaders throughout the bloc furious, with the European Union threatening to retaliate with heavy tariffs of its own on the US.

This will help producers of soy, sorghum, corn, wheat, pork, dairy, fruit, rice and nuts, all products hit by tariffs imposed in response to USA actions.

However, National Farmers Union President Roger Johnson said farm families' "livelihoods are on the line with every tweet, threat or tariff action that comes from the White House".

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This turmoil over tariffs is just the latest to hit struggling American farmers. Since 2013, overall annual net farm income has decreased by 50 percent, and the USDA predicts it will drop to negative $1,300 this year. There were 73.5 million pigs on farms as of June 1, the highest number on that date since records began in 1964.

Watne prefers better crop subsidies and other revenue-loss protections in the massive federal farm bill that's being hammered out in a House-Senate conference committee to guard against retaliatory tariffs on USA agriculture exports.

According to Chinese diplomatic sources and China experts in the United States, high-level talks and dialogue between Beijing and Washington have been put on hold since US Secretary of Commerce Wilbur Ross made a visit to Beijing in early June.

There's no sign of a quick resolution to the trade dispute. Mr Trump had threatened to impose 25% tariffs on European auto imports.

Some of fruits to be hardest hit by the trade policies are cherries - which are now facing a 50% tariff going into China - and apples, which have been hit by higher tariffs in China and Mexico, with India set to also implement additional duties next month in response to USA duties on steel and aluminium imports.

The campaign banners highlight a paradox in China-U.S. relations under Trump.

The administration announced a $12 billion bailout plan Tuesday for farmers hurt by "unjustified retaliatory tariffs" in President Trump's trade wars, while some GOP lawmakers and farmers recoiled at the government aid and urged the president to seek a negotiated peace with USA trading partners.

"USDA will not stand by while our hard-working agricultural producers bear the brunt of unfriendly tariffs enacted by foreign nations". "Tariffs are the greatest!". Trump told reporters it was a "very big day for free and fair trade" and vowed to "resolve the steel and aluminum tariff issues and we will resolve retaliatory tariffs". It's as simple as that - and everybody's talking!

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