Trump plans emergency aid to farmers affected by his tariffs

Trump plans emergency aid to farmers affected by his tariffs

Trump plans emergency aid to farmers affected by his tariffs

Trump tomorrow is to meet with European Commission president Jean-Claude Juncker, who will try to dissuade the US president from escalating the trans-Atlantic trade conflict.

"When they can't get that, a fair price because of the illegal tariffs, this is President Trump's way of saying, 'We're not going to let these countries bully you or me into caving in, '" says Agriculture Secretary Sonny Perdue.

As he headed into the meeting, Mr. Trump shrugged off intense criticism from business leaders, farmers and his own GOP lawmakers that he was igniting a trade war that hurts the US economy.

The US and European Union have been embroiled in a tit-for-tat trade war in recent weeks which began after Mr Trump imposed tariffs on steel and aluminium imports. But even that exchange of measures would pale in comparison with duties on cars - a huge industry that has always been the symbol of postwar wealth on both sides of the Atlantic, and especially in Germany.

Trump's 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. And when it comes to security, he says the Europeans are refusing to pay their share in North Atlantic Treaty Organisation and instead live off the massive United States defense budget.

The president has repeatedly called the European Union - which includes numerous U.S.'s oldest and most committed allies - an unfair trading partner and even labeled it a "foe". "Farmers are ranchers recognize that the Trump administration cares about them". "I have met him frequently and know how to deal with him".

The imposition of punishing tariffs on imported goods has been a favored tactic by Trump, but it has prompted US partners to retaliate, creating risks for the economy. But conservative critics of the White House's approach said on Tuesday that Trump's move to offer rescue funds to farmers suggests the standoff with other countries won't end soon.

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Trump crowed on Tuesday that his latest threat had brought Europe to the negotiating table.

Reaction from trade partners to Trump's tariff policies have pushed soybean prices about 18 percent lower and corn and pork prices down 15 percent from the time Trump began discussing tariffs this spring.

Jochen Stanzl, the chief market analyst with CMC Markets, joins us from Frankfurt.

"The aim of this visit is to cool down the situation and prevent an escalation of the trade conflict", Malmstrom told Swedish newspaper Dagens Nyheter in an interview.

She said the "long list" of American goods would include machinery, agricultural and high-tech products, among others.

Juncker declared he "had the intention to make a deal today and we made a deal today". "We have good arguments, clear numbers and we have ideas, too". "We're trying to sort through a lot of the chaff to get down to the real heart of the issue to make this thing a little more equitable". But the taxes also exact a toll on US businesses and consumers, which pay more for imported products.

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