"The farm economy can not take this and we need to get back to work and increase these exports".
A U.S. flag flies near a field of soybeans in Tiskilwa, Illinois, U.S., July 6, 2018.
Farm-state Republicans say farmers want markets for their crops, not government payoffs for lost sales. We continue to urge the administration for the swift resolution of our trade negotiations with China and our NAFTA trading partners, as well as pursuing new trade agreements.
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They also agreed to increase trade in services and agriculture, including greater U.S. soy bean exports to the EU. Trump said. "Hope they do it, we are ready - but they won't!" he added.
The aid marks the first major acknowledgement from the Trump administration of adverse consequences of the hardline trade polices Trump has espoused for decades and promised on the presidential campaign stump.
Wisconsin Republican Sen. Ron Johnson said the unexpected move to manipulate trade through targeted subsidies 'is becoming more and more like a Soviet-type of economy'.
Richard Bush, a China expert at the Brookings Institution in Washington, said Beijing was apparently frustrated that a series of trade talks with the Trump administration had yielded few concrete results, largely due to Trump's unpredictability and the lack of coherent policy and strategy concerning China and trade issues generally.
- "We are ready": Juncker' - While Juncker is set to make a last effort to talk Trump out of the auto tariffs, which would hit Germany's dominant carmakers hard, he warned on ZDF that if the USA moved ahead, "we are in a position to respond appropriately right away". Trump wrote. "That would finally be called Free Market and Fair Trade!"
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The Trump administration today announced a massive $12 billion in financial assistance to American farmers hit by retaliatory tariffs imposed by trading partners like China, India and the EU.
Earlier Tuesday, the president praised tariffs in a tweet. The program is expected to start taking effect around Labor Day in the USA on September 3.
As part of the initiative to be announced on Tuesday, the USDA is expected to draw on the financial resources of a program known as the Commodity Credit Corporation, which helps shore up US farmers by buying their crops.
Corker said farmers want 'trade, not aid'.
The Department of Agriculture on Tuesday announced a $12 billion, three-part plan to borrow money from the U.S. Treasury to pay farmers being hurt by the trade battles with China, Mexico, Canada and the European Union. Although I am pleased that some steps are being taken to reduce the harm from these misguided tariffs on Iowa's farmers, we must not stop fighting for greater opportunity and market access.
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