Republicans pan Trump’s $12 billion tariff relief for farmers as corporate welfare
25 July, 2018, 04:59 | Author: Brooke Harris
U.S. Secretary of Agriculture Sonny Perdue has officially announced the US$12 billion support measures, saying they are in line with the estimated US$11 billion impact of the unjustified retaliatory tariffs on U.S. agricultural goods.
President Donald Trump is planning to provide a whopping Dollars 12 billion emergency financial aid to farmers who have been hit by retaliatory tariffs on agricultural products imposed by trading partners like China, India and the European Union, according to media reports.
The president is activating a seldom-used Department of Agriculture emergency program to buy excess crops and commodities.
The planned mix of direct payments to farmers, commodity purchases for food-aid programs, and stepped up promotion of new export markets buoyed markets looking for new sources of demand for USA products.
In a speech on Tuesday, he said farmers would be the "biggest beneficiary" of the disputes after countries make changes.
The government announced a $12 billion plan Tuesday to assist farmers who have been hurt by President Donald Trump's trade disputes with China and other trading partners.
President Donald Trump gestures to music as he arrives to speak to the national convention of the Veterans of Foreign Wars on Tuesday, July 24, 2018, in Kansas City, Mo.
The imposition of punishing tariffs on imported goods has been a favored tactic by Trump, but it has prompted USA trading partners to retaliate, creating risks for the economy.
United States agriculture exports have been a prime target of China and other countries that have retaliated against the series of tariffs Trump has imposed in recent months.
Few outside his inner circle of economic advisers seemed to agree, with House Speaker Paul Ryan voicing rare disapproval of the president's policy.
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Tariffs are taxes on imports.
Republican Senator Chuck Grassley of Iowa, who's been critical of Trump's moves on trade, said before the announcement that commodity supports aren't a long-term solution and will be costly to taxpayers.
But that provided little solace to rank-and-file Republicans, who said the tariffs are simply taxes and warned the action would open a Pandora's box for other sectors of the economy.
They can also cut off USA producers, including farmers, from foreign marketplaces that have been predictable annual sources of income in the past. Trump has threatened to ratchet that up to more than $500 billion, a move that has left financial markets uneasy.
The White House has already imposed a 25% tariff on $34 billion worth of Chinese products and, three weeks ago, threatened an additional round worth $16 billion. 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".
Kevin Cramer, a US representative trying to unseat Democrat Senator Heidi Heitkamp in North Dakota, praised the move.
Rep. Jerry Nadler (R-NY) said that it's yet another example of the president thinking that the American people aren't entitled to know what deals he's cutting with other countries.
Trump noted he would be meeting today with European officials, including European Commission President Jean-Claude Juncker.
Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to USA national security, an argument that allies such as the European Union and Canada reject.
US officials say the Trump administration wants to pressure Iran to end its nuclear program and its support of militant groups. In May, the USA left a deal which curbed Iran's nuclear activities in return for the lifting of global sanctions .
The Los Angeles Lakers had cooled their interest in Kawhi and are possibly banking on getting him as a free agent next season. DeRozan, in particular, has had several disappointing performances that have cost his team much-needed wins.
He was a meeting of European Union foreign ministers, where he said the response to May's white paper was "lukewarm". They will also receive an update on negotiations from the European Commission's chief negotiator, Michel Barnier .
Alphabet trails Facebook , Amazon and Twitter Inc in valuation as measured by the ratio of enterprise value to expected earnings. Profit dipped 9.3% to $3.2 billion in the second quarter after accounting for the European Union fines , the company said.
In all, it's the same trend: it costs more to drive traffic to Google's advertising, and the cost per click is going down. After subtracting Alphabet's advertising commissions, revenue was $26.2 billion, also exceeding Street forecasts.
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Agreements signed include cooperation in defence, trade cooperation framework and a culture exchange programme (2018-2022). The economic zone will get $100m and the other portion will go to expanding the country's food production.
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Trump to offer U.S. farmers billions to ease trade pain
Trump praised his hard-line trade strategy, saying slapping tariffs if the U.S.is treated unfairly is "simple". Trump didn't specifically by name which countries will come to the White House or when they're set to arrive.
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He added: "My job is a football player and not a politician, and our meeting was not an endorsement of any policies". In those nine years, Ozil has played 92 times for his country, scoring 23 goals along the way.
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It is also expected to be used by NASA to send astronauts into the International Space Station for the first time in 2019. The satellite weighs more than seven tonnes and is the heaviest commercial communications satellite ever launched.
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