US announces billions to help farmers hurt by Trump tariffs

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Farmer organizations including the American Soybean Association have called the impacts of tariffs on agriculture "devastating".

The Agriculture Department is expected to announce a $12 billion emergency aid package to help farmers affected by tariffs on their crops, CBS News confirmed Tuesday, according to a source familiar with the assistance that will be extended. "They're all coming. They don't want to have those tariffs put on them", Trump told the Veterans of Foreign Wars national convention.

Sasse said he doubted Trump's trade policies will Make America Great Again as promised, but instead "Mak [e] America 1929 Again". Mike Rounds, R-S.D., said of the farmers in his state. "Long term, we would much rather derive our income from the marketplace".

Sen. Rand Paul (R-Ky.) also tweeted, saying: "Tariffs are taxes that punish American consumers and producers".

Sen. Ben Sasse, R-Neb., said the plan would spend billions on "gold crutches", adding, "America's farmers don't want to be paid to lose - they want to win by feeding the world".

"This is a short-term solution that will give President Trump and his administration time to work on long-term trade deals that benefit agriculture and all sectors of the economy", US Agriculture Secretary Sonny Perdue said.

USDA officials told reporters they were still working to set up the programs, which they expect to be ready by early September.

Exports now account for about 20% of farm income in the U.S., but farmers worry the escalating tariffs will reduce demand for their goods. China, meanwhile, retaliated with duties on pork and soybeans.

Trump has threatened to place penalty taxes 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. Trump wrote. "Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs". "It's as simple as that".

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Soybean prices - in the face of trade fears with China - have hovered around historic lows for months, leading Republican lawmakers in red states to raise red flags about the impact these tariffs could have on Trump country.

NEW YORK (AP) - Wall Street is flooding into the agricultural sector on reports that the Trump administration is preparing a plan that would send billions in aid to US farmers hurt by tariffs.

The plan would attempt to give relief to farmers who have faced retaliation from US trade partners with duties on products like soybeans and pork.

During a Monday event at the White House featuring American-made goods, Trump displayed a green hat that read, "Make Our Farmers Great Again".

The dollar and euro held tight ranges on Wednesday, ahead of a meeting between U.S. President Donald Trump and European Commission President Jean-Claude Juncker as investor focus shifted to the trade rift between the two economic powers. The U.S. and its European allies are meeting as the dispute threatens to spread to automobile production. But the taxes also exact a toll on USA businesses and consumers, which pay more for imported products.

Democratic U.S. representative Jackie Speier of California, a major agricultural state, blasted the Republican president over the reported plan.

'Tariffs are the greatest!

Bob Corker called on the Trump administration to "reverse course and end this incoherent" tariff and said the administration was "offering welfare to farmers to solve a problem they themselves created".

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