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Larry Kudlow: Trump tariff talks with European Union boss 'might surprise you'

25 July, 2018, 22:29 | Author: Kristi Dunn
  • Trump administration announces $12 billion in emergency aid to farmers SHARE:sharetweetshareemail

Trump has in recent months engaged in a multifront trade confrontation, imposing steep tariffs on steel, aluminum and tens of billions of dollars in Chinese goods, which sparked swift retaliation against key United States farm products like soy and pork. The European Union is already drawing up a list of ways to strike back if Trump goes forward with the auto tariffs. The US trade deficit with China in 2017 came in at $375.6 billion, according to Census Bureau data, though adding that figure to this year's data through May comes out to about $528 billion.

Northeast Wisconsin farmers will soon see part of $12 billion worth of tariff relief, in response to trade issues with countries like China.

President Trump met with European Commission President Jean-Claude Juncker at the White House Wednesday, as tensions remain high over tariffs.

President Donald Trump slammed critics from within his own party for "weakness" after a number of Republicans vented about a new $12 billion package to aid farmers who are suffering from new foreign tariffs in an escalating trade war.

Giessel, who grows wheat and corn near the western Kansas community of Larned, said he was "glad they are trying to be doing something, but I don't know when the day is over how much difference it is going to make". "But we can not overstate the dire consequences that farmers and ranchers are facing in relation to lost export markets", he added, "and we will continue to push for a swift and sure end to the trade war".

Sen. Bob Corker, R-Tenn., described the plan as a "misplaced policy" and said farmers are "being put on welfare" because of "ill thought out" tariffs.

The Agriculture Department is announcing a $12 billion "short-term" plan to help USA farmers hurt by retaliatory tariffs.

In the first acknowledgment by President Donald Trump's administration that his aggressive trade actions are hurting Americans, the government on Tuesday announced $12 billion in aid for farmers who have been the primary targets of retaliation. The plan does not authorize any new money, and it does not require approval from Congress.

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The planned mix of direct payments to farmers, commodity purchases for food-aid programs, and stepped up promotion of new export markets buoyed markets looking for new sources of demand for US products.

The president, speaking at an event in Kansas City on Tuesday, reaffirmed his support for tariffs and pledged that "farmers will be the biggest beneficiary".

Senate Democratic Whip Dick Durbin said "the bailouts, tweets, and bragging won't save the lost crop value for our farmers and won't protect their reputations around the world as reliable sellers". That's according to two people who have been briefed on the plan who spoke on condition of anonymity ahead of a formal announcement.

Trump may think trade wars are winnable, but perhaps he should tell that to farmers who can't sell their harvest because retaliatory tariffs have made them too expensive.

Brussels already retaliated against the steel and aluminium tariffs, imposing punitive duties on over US$3 billion (S$4.09 billion) of U.S. goods, including blue jeans, bourbon and motorcycles, as well as orange juice, rice and corn.

Sen. Ben Sasse, R-Neb., said the plan would spend billions on "gold crutches".

Liu said the subsidies were probably a preventive measure by Trump to ease the anxiety of his constituencies because he was anxious those voters might reconsider their support if the Chinese duties took hold. He added that, "Tariffs are taxes".

The president has said trade will be central to that discussion. "If we cede once, we will often have to deal with such behavior in the future", Heiko Maas wrote on Twitter.

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