Published: Wed, July 25, 2018
Markets | By Noel Gibbs

Farmers prefer Trump do trade deals than give them money

Farmers prefer Trump do trade deals than give them money

President Donald Trump said that the US and the European Union should drop all tariffs, barriers and subsidies, just hours before the bloc's trade chiefs present him with proposals on Wednesday that go a long way toward that outcome in a make or break meeting at the White House.

European Union Commission President Jean-Claude Juncker (zhahn-KLOHD' YUN'-kur) is telling President Donald Trump that the E.U. and U.S. are partners and allies, "not enemies", and must work together at the start of trade negotiations between the two major economies.

According to Agriculture Secretary Sonny Perdue, this is a "short-term solution that will give President Trump and his administration time to work on long-term trade deals".

If a deal isn't reached, they've got a new list of $20 billion of USA goods to target with tariffs.

Since the tariff was enacted, the price for USA soybeans has dropped roughly 20 percent, said Chad Hart, an economist at Iowa State University. Either a country which has treated the United States unfairly on trade negotiates a fair deal, or it gets hit with tariffs. "To run this program, we need producers to harvest their crops", said USDA farm program official Brad Karmen, because payments will be based on this year's crops.

The Trump administration said it would use a Great Depression-era program to pay up to $12 billion to help U.S. farmers.

Sonny Perdue, the United States agriculture secretary, said: "President Trump has promised since day one that he has the back of every American farmer and rancher".

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The CCC will also use its Charter Act authority for a Trade Promotion Program administered by the Foreign Agriculture Service (FAS) in conjunction with the private sector to assist in developing new export markets for farm products.

Chinese President Xi Jinping said at an global summit in South Africa that the world faces "a choice between cooperation and confrontation", in remarks that criticized escalating USA tariffs on goods from China and other major trading partners.

Trump has repeatedly threatened to impose further tariffs on European cars being imported into the U.S. over a perceived imbalance in trade between the two economic blocs. "But we can not overstate the dire consequences that farmers and ranchers are facing in relation to lost export markets", he added, "and we will continue to push for a swift and sure end to the trade war".

Tuesday's announcement of the emergency aid comes less than four months before congressional elections in which the majority-Republicans, including some in farms states, find themselves vulnerable to Democratic Party challengers who are rising in the polls.

"Well, I think we have a lot of foes".

Farm-state Republicans say farmers want markets for their crops, not government payoffs for lost sales. But Rotz said in Pennsylvania, where corn and soybeans are used for animal feed, the impact has been felt most keenly among fruit and vegetable producers and pork and dairy farmers.

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'.

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Already miffed by the president's actions on trade, adding subsidies for farmers is seen by many Republicans in Congress as making an unfortunate situation worse. Mr. Trump recently described the European Union as "a foe" on trade.

Murkowski said Tuesday. "Where do you draw the line?"

Preliminary details of the agricultural aid program that emerged Tuesday indicate the administration will tap the Commodity Credit Corporation, an entity created during the Great Depression to support farmers, to borrow directly from the Treasury for aid to agriculture.

He says he'd prefer there be no tariffs or barriers at all.

China is the biggest buyer of US soybeans, importing more than $12.4 billion worth of the oil seed in 2017, according to the Peterson Institute for International Economics. No weakness!' Trump wrote in the first of a pair of tweets Wednesday morning.

"That would be a negotiation that would be possible in half a year, and which we could start with the the autumn".

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