Administration Earmarks Up to $12 Billion for Agriculture to Offset Trade War

Administration Earmarks Up to $12 Billion for Agriculture to Offset Trade War

President Donald Trump said that the US and the European Union should drop all tariffs, barriers and subsidies, just hours before the bloc's trade chiefs present him with proposals on Wednesday that go a long way toward that outcome in a make or break meeting at the White House.

"We agreed that no other tariffs would be introduced as long as we are in the negotiations", Juncker said during a speech in Washington after his press conference with Trump.

Updated 4:52 p.m. |President Donald Trump and European Commission President Jean-Claude Juncker announced a plan to - perhaps - end the trade conflict between America and some of its oldest allies.

On another front, Mr. Trump's administration has hit even its close allies the European Union (EU), Canada and Mexico, with levies on steel and aluminium exports to the United States, prompting retaliation against iconic US products, including bourbon whiskey and orange juice.

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

Mary Lovely, a Syracuse University economist who studies trade, said, "The Chinese are not going to be buying our soybeans, so nearly by musical chairs our soybeans are going to Europe".

In a contentious hearing on Wednesday, senators repeatedly challenged Secretary of State Mike Pompeo on the question of whether U.S. foreign policy was represented by formal statements of the State Department, the Pentagon and the foreign policy bureaucracy in the White House or Trump's often conflicting comments.

China cancelled almost $140 million in soybean contracts at the end of June, according to USA lawmakers.

G20 ministers call for greater dialogue on trade tensions
G20 ministers call for greater dialogue on trade tensions

Trump also went after China, who he accused of being "vicious" with its counter-tariffs. His defense came after his administration announced a plan to provide $12 billion in emergency relief for farmers who have been slammed by the president's trade disputes with China and other countries. Beijing retaliated with tariffs of its own on $34 billion worth of American goods, including soybeans.

Fourthly, we agreed today to join forces to protect American and European companies better from unfair global trade practices. After $34 billion in tariffs against China went into effect earlier this month, China responded with its own equivalent tariffs soon after, targeting USA agricultural products including soy, corn, wheat, pork, poultry and more.

President Donald Trump's trade wars could become a major political drag for Republicans, with job losses and price increases piling up just as voters head to the polls in November.

"Les Danielson has been in the farming business for the last 25 years, he raises about 500 acres of crops, 200 acres of corn, 200 acres of soybeans, dairy and beef cows", he said.

Scott Irwin, an agricultural economist at the University of IL said: "We have never compensated farmers directly on such a large scale for retaliatory tariffs".

Rather than listen to his advisers, Trump turned to Twitter Wednesday to criticize "people snipping [sic] at your heels during a negotiation". The big dispute is over cars, with Mr. Trump threatening massive tariffs on if for the European Union didn't lower high tariffs on cars.

After talks at the White House with European Union officials, Trump announced in a joint Rose Garden appearance that the delegation agreed to increase imports of soybeans and liquefied natural gas. "So the tariff policies that have been put in place by the administration are now causing them to invoke a welfare policy for our farmers which I'm sure is not what they wish".

Cohen recording of pay-off talk broadcast on US TV
Trump's legal team, however, previously waived Trump's attorney-client privilege on the recording . On the audio tape, made two months before the election, Trump can be heard saying "pay with cash".

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