Trump Tweets: ‘Tariffs Are the Greatest’

Trump plans $121 billion emergency aid to farmers hit by retaliatory tariffs

The Trump administration is offering $12 billion in emergency aid to American farmers who have been hurt by the president's escalating trade war with China and other countries.

In a follow up tweet he reaffirmed the administration's tough stance on trade, explaining "either a country negotiates a fair deal - or gets hit with tariffs".

President Donald Trump declared Tuesday that "Tariffs are the greatest!" and threatened to impose additional penalties on US trading partners as he prepared for negotiations with European officials at the White House.

The Trump administration's move on Tuesday to help farmers hurt by the trade wars has not stopped the barrage of criticism it has faced over its underlying trade policy. Countries including China, Canada and the European Union have been retaliating on American agricultural products, aiming to hit Trump in his electoral base.

President Donald Trump says he'll propose to European officials on Wednesday that both sides drop all tariffs, barriers and subsidies.

"The funds will come through direct assistance, a food purchase and distribution program, and a trade promotion programme", The Washington Post said.

The aid package, set to begin in September, is mostly created to help soybean farmers, dairies and pork producers. Trump said. "Hope they do it, we are ready - but they won't!" he said.

"I appreciate that the president is recognizing the economic hardship our farmers and ranchers are facing, but I believe we need a solution that provides certainty by protecting and expanding market access for our ag producers".

Cramer testified before the U.S. Trade Representative's office during a public hearing Tuesday, where he welcomed "strong defensive actions" against China's "unfair trade practices" that he argued previous administrations have failed to curtail.

In a statement, Cramer welcomed the assistance package but offered a caveat: "At the end of the day we want trade not aid".

In addition to the direct impact of tariffs on American farm products, farmers have also been hurt by US tariffs on foreign steel imports.

Exports now account for about 20% of farm income in the U.S., but farmers worry the escalating tariffs will reduce demand for their goods.

The aid is meant to shield the industry as countries raise taxes on U.S. products such as soybeans in response to new Trump administration tariffs.

Earlier Tuesday, Trump showed no signs of backing down. They want trade, not aid.

U.S. President Donald Trump walks up a driveway prior to delivering remarks at a showcase of American-made products at the White House on July 23, 2018.

Indeed, the plan magnified objections among many Republicans that the tariffs amount to taxes on American consumers. "I applaud the Administration for taking this needed action, and I am confident that President Trump, Secretary Perdue, and Ambassador Branstad are all working diligently to open China's markets to greater trade in Iowa's agricultural products". "I don't think this will cover us for a very long time - and it might not even buy me a tank of diesel".

Extra farm aid would be a balm to producers who are seeing prices drop and inventories rise because of disputes with China, Canada and other trade partners who are significant purchasers of USA pork, soybeans and other crops.

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