Trump to Give Farmers Aid, but Farmers Aren't Thrilled

President Donald Trump and European Commission President Jean Claude Juncker deliver a joint statement on trade in the Rose Garden of the White House Wednesday in Washington D.C

Jeff Mertz, president of the North Dakota Grain Growers Association, hadn't read up on the program's details but said it appeared to be a sign Trump was looking out for farmers.

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.

Deere & Co jumped 2.7 per cent, while Caterpillar Inc gained more than 1 per cent and AGCO Corp rose 0.5 per cent. Soybean futures, hit hard by China's retaliatory tariffs, rose 1.2 per cent and hit their highest in two weeks as traders bet farm aid would improve demand, reducing a current surplus supply.

"Trump wrote on Twitter Tuesday that the U.S.is a "'piggy bank' that's being robbed". We were being nice - until now!

Trump declared earlier Tuesday that "Tariffs are the greatest!" and threatened to impose additional penalties on US trading partners as he prepared for negotiations with European officials at the White House.

At the annual summit of the BRICS emerging economies, held this year in Johannesburg, Xi said those who pursue "economic hegemony" will "only end up hurting themselves".

Reporters are awaiting a joint statement in the White House press conference, featuring President Trump and European Commission President Jean-Claude Juncker.

A number of other Republicans have also criticized Trump for both the tariffs and the ensuing bailout. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that previous year totaled $335 billion.

During their Oval Office meeting, Mr. Trump said he expects something "very positive to take place" during their discussions, but was adamant that a "level playing field" is needed for USA farmers and manufacturers.

"He (Trump) understands the farmers in this country feed us, they fuel us, they clothe us and he'll do everything he can to protect them".

Trump has been talking for months about finding ways to aid farmers as China, in particular, has cancelled orders for soybeans and other crops. Trump has expressed that he is willing to tax all Chinese imports, $500 billion worth, if China doesn't reduce the trade deficit with the United States.

"This is only a short-term solution", said Agriculture Secretary Sonny Perdue, and is meant to give Trump time to rebalance trade rules worldwide.

Schlosser said he had been "transitioning" his farm to his son, but the future doesn't look good for young farmers now, he said.

Agriculture Secretary Sonny Perdue said he was acting at President Trump's direction to provide a "short-term solution" to farmers and give the administration time to negotiate a longer term trade deal to help agriculture and other sectors hurt by unfair trading practices by China and others.

"We can not exclude either possibility, but China would not want to see the latter", he said. John Kennedy, R-La. "You've got to treat everybody the same".

Sen. Pat Toomey, R-Pa., said the Agriculture Department was "trying to put a Band-aid on a self-inflicted wound". "They are being vicious in what will be their failed attempt. This bailout compounds bad policy with more bad policy".

In a speech on July 24, Trump told supporters that his predecessors are to blame for the existing deals, which he called a "disaster". "It would be more general, like farming goods, machines, high-technology products and others", she said in an interview with Swedish newspaper Dagens Nyheter. "Negotiations are going really well, be cool", he tweeted.

The program is expected to start taking effect around Labor Day.

The aid package, set to begin in September, is mostly created to help soybean farmers, dairies and pork producers. Fruit, nuts, rice, beef, pork and dairy products bought from farmers will be redistributed to federal nutrition assistance programs, according to Politico.

Officials say they will be using a depression-era program, the Commodity Credit Corporation, to secure money from the U.S. Treasury, and will not need to ask Congress for the funds.

The officials said payments couldn't be calculated until after harvests come in.

It said trading nations like New Zealand work best when everyone agrees on the rules of worldwide commerce, and uncertainty caused by trading disputes is the last thing farmers need.

"Well, I think we have a lot of foes".

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