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Trump offers help to farmers hit by escalating China trade war

Trump offers help to farmers hit by escalating China trade war

The USDA also will buy the surplus of commodities that would otherwise have been exported and distribute them to food banks and other nutrition programs.

With congressional elections coming soon, the government action underscored administration concern about damage to USA farmers from Trump's trade policies and the potential for losing House and Senate seats in the Midwest and elsewhere in November.

Officials say the plan does not require congressional approval. We've still got to work out the details.

Republican Sen. Charles Grassley, whose family operates a farm in eastern Iowa, said the administration's move was "encouraging for the short term" but farmers needed "markets and opportunity, not government handouts".

The late-afternoon news that the meeting had eased transatlantic trade tensions fed a powerful late rally on Wall Street. "Hope they do it, we are ready - but they won't!"

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American farmers depend on being able to sell overseas, and tariffs make what they produce more expensive. The program can use up to $30 billion in funding from the Treasury Department to "stabilize, support, and protect farm income and prices".

President Trump's tariff threats against China, Canada, Mexico and the European Union prompted immediate threats of retaliation.

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

During a speech to the VFW in Kansas City, Mo., President Trump said his tariffs are already working, bringing nations to the bargaining table.

Milk and dairy prices have dropped 10 percent in the last month, Rotz said.

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Many financial experts and business leaders have noted the effects of an escalating trade war puts economic growth at risk . It will rely on the Department of Agriculture's authority to stabilize the farm economy by buying excess supply.

The news lifted shares of farm equipment companies on the prospect that farmers will have more money to spend on tractors and other farm gear. 'If tariffs punish farmers, the answer is not welfare for farmers - the answer is remove the tariffs'. Trump could impose auto tariffs on national security grounds once Commerce Secretary Wilbur Ross completes a required investigation, which could come anytime before a deadline by early next year.

China cancelled almost $140 million in soybean contracts at the end of June, according to USA lawmakers. Furthermore, it's unclear if those additional purchases would put much of a dent in the $101 billion trade deficit the United States ran with the E.U.in 2017.

Thirty-nine Republicans and 49 Democrats backed a non-binding resolution earlier this month calling for Congress to have a role when the president imposes trade barriers in the name of national security. But the taxes also exact a toll on US businesses and consumers, which pay more for imported products. The third program will help farmers find new export markets for their crops.

In what the European Union chief called a "major concession", U.S. President Donald Trump agreed on Wednesday to refrain from imposing auto tariffs while the two sides launch negotiations to cut other trade barriers, easing the threat of a transatlantic trade war. "America's hard-working agricultural producers have been treated unfairly by China's illegal trading practices and have taken a disproportionate hit when it comes illegal retaliatory tariffs".

Republicans laid into the tariffs on Tuesday amid the standoff.

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