Trump tweets tariffs ‘are the greatest’ and threatens additional levies

President Trump on EU Trade Negotiations: Better Late Than Never

"Profitability is a major concern for Illinois corn farmers and declining commodity prices certainly aren't helping the bottom line", said Illinois Corn Growers Association President Aron Carlson, a farmer from Winnebago, Ill.

Perdue and other USDA officials say the aid will be available in three forms; direct payment to producers of soybeans, sorghum, wheat, cotton, dairy and hogs; government purchases of fruit, nuts, legumes, and some meats for distribution to food banks; and development of new export markets.

"Farmers actually want the free-market system to work as best as possible and they want access to these overseas markets", he added.

President Trump indicated that countries are finally coming to the negotiating table over trade tariffs.

Saying farmers want "trade, not aid" he claimed the administration's cross-border commercial bickering is forcing it 'to invoke a welfare policy for our farmers, which I'm sure is not what they wish'.

"Up until that aid package was announced I was going along with the idea that we could probably get something worked out and prices would recover quite a bit", Brunkow said. "Hopefully soon this ill-thought-out policy will end". He emphasized the aid announced Tuesday is meant to be a temporary measure.

Johnson says, "This is becoming more and more like a Soviet-type of economy here: Commissars deciding who's going to be granted waivers, commissars in the administration figuring out how they're going to sprinkle around benefits".

The trade war could eventually extend well beyond the US$50 billion worth of Chinese imports already targeted and likely to face tariffs after this week's hearings. China purchased $100 million of Washington cherries past year, Sandison said.

A farmer named Terry Davidson walks through his soy fields in Harvard, Illinois on July 6 - the same day China imposed retaliatory tariffs aimed at the U.S. soybean market.

"I firmly believe we need to either create more markets or be able to work it out with China because we are going to produce way too many soybeans for the markets that we have", he said.

Oxford Economics has calculated that a full-blown US-China trade war would shave 1 per cent off the US economy and wipe out 700,000 jobs in the United States by 2020.

"To repeat, this damage is self-inflicted, so the Administration is right to take steps to address it, but the next step should be ending the trade war", the statement read.

Details of the plan were not clear.The administration's proposal will rely on commodity support programs as well as the Agriculture Department's authority to stabilize farmers during times of turmoil, according to Politico. Congressional approval is not needed to proceed with this program.

"They are now in the process of taking the same actions that they." Sen. The Senate has several key races in agriculture-dependent states like Missouri, North Dakota, and in this November.

The U.S. and European allies have been at odds over the president's tariffs on steel imports and are meeting as the trade dispute threatens to spread to automobile production.

Later this week, Trump will visit Iowa and IL, two other farm-belt states, as he seeks to shore up support for Republican candidates in the U.S. Midwest. Those states are full of farmers who could seek relief from the federal aid package.

U.S. President Donald Trump suddenly seems to be a big fan of dropping all "tariffs, barriers and subsidies" with at least one trading partner, mere hours after he tweeted "tariffs are the greatest". It's as simple as that - and every body's talking! "It's been estimated that farmers lost more than $13 billion last month alone due to trade disruptions", said Johnson. But he acknowledged China's retaliatory tariffs have hit farmers and manufacturers in his state. Rand Paul (R-KY) tweeted.

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