World

Trump Announces $12B Bailout For Farmers

Trump Announces $12B Bailout For Farmers

US White House spokesperson Hogan Gidley announced on Tuesday that President Trump meant to bring up at the meeting with the chief of the European Commission issues regarding bilateral trade and the fight against terrorism.

Trump's claims were met with other criticism as well. The announcement raised futures of soybeans, a crop heavily dependent on trade with China, to their highest price in two weeks, but it didn't win over skeptics on Capitol Hill, including Republicans from politically important agricultural states. In a briefing call on July 24, Perdue and top department officials explained that the financial boost is created to provide temporary relief to farmers as the United States negotiates long-term trade deals.

Speaking at an event in Kansas City Tuesday, Trump said that "farmers will be the biggest beneficiary" of his efforts to secure more favorable trade deals.

Cabinet members say President Trump knew there might be some short term pain with his trade decisions, so this is a way to make things right for the farmers in our country.

The USDA said retaliatory tariffs were disproportionately targeted directly at US farmers, impacting sales of soybeans, sorghum, milk, pork, fruit and nuts.

The publication said that - according to two people familiar with the plans - the aid would be announced by the United States Department of Agriculture and would come through direct assistance programs.

Republicans criticized the Trump administration's aid program, calling on him to instead reverse tariffs.

The Agriculture Department is announcing a $12 billion "short-term" plan to help US farmers hurt by retaliatory tariffs. Those affected economies have in turn targeted US agricultural products, including soybeans, dairy, meat, produce and liquor.

Fast forward to July 2018 and farmers are struggling.

White House readies plan to extend about $12 billion in emergency aid to farmers caught in Trump's escalating trade war

The United States exported $138 billion in agriculture products in 2017, including $21.5 billion of soybeans, the most valuable export.

The administration has slapped tariffs on $34 billion in Chinese goods and China retaliated with duties on soybeans and pork.

"I'm ready to go to $500 [billion]", Trump said.

"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. Deere & Co (DE.N) jumped 3.1 percent, while Caterpillar Inc (CAT.N) gained more than 1 percent and AGCO Corp (AGCO.N) rose 0.6 percent. There was no immediate indication that Tuesday's volume increases were anything other than coincidental.

Such a move comes after farmers across the country especially those of products like soybeans and apple have complained that the retaliatory tariffs have hit them very badly. "USDA will not stand by while our hard-working agricultural producers bear the brunt of unfriendly tariffs enacted by foreign nations".

Trump has accused the European Union of unfair trade practices and has threatened to raise tariffs on cars imported from the bloc.

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.

The moves have been unsettling to lawmakers with districts dependent upon manufacturers and farmers affected by the retaliatory tariffs.

Kevin Cramer, a USA representative trying to unseat Democrat Senator Heidi Heitkamp in North Dakota, praised the move.


  • Stocks waver, dollar slips as traders shrug off trade talk

    Stocks waver, dollar slips as traders shrug off trade talk

    Chinese imports from the US totaled $205 billion in the first five months of 2018, with the deficit reaching $152 billion. Last month, the Fed raised its benchmark rate for a 2nd time this year and projected 2 more increases in Y 2018.
    Spider-Man PS4: Mary Jane Voice Actress Revealed

    Spider-Man PS4: Mary Jane Voice Actress Revealed

    During yesterday's San Diego Comic-Con Marvel Games panel, developer Insomniac showed off two new trailers for the game. This limited edition bundle will be available across the USA and Canada for $399.99 USD (MSRP) and $499.99 CAD (MSRP).
    'I misspoke' on Russian Federation  election meddling

    'I misspoke' on Russian Federation election meddling

    Trump's performance at the press conference that ended Monday's summit threw dynamite into the dumpster fire of his European trip. John Cornyn of Texas, said sanctions may be preferable to a nonbinding resolution that amounts to "just some messaging exercise".
  • NZ women beat France to retain World Cup Sevens

    NZ women beat France to retain World Cup Sevens

    Comprehensive victories over Mexico (57-0) and Ireland (45-0) handed the Black Ferns a semifinal clash with host USA . Attention on Sunday will turn to the men's competition, where New Zealand will also be bidding to retain their title.
    Laos dam collapse: 'Hundreds missing' after flash floods hit villages

    Laos dam collapse: 'Hundreds missing' after flash floods hit villages

    Hundreds of people are missing and an unknown number feared dead in Laos after a hydropower dam under construction collapsed. According to the website of the company that built and runs the dam, it is majority-owned by SK E&C and Korea Western Power.
    Qatar ploughs ahead with World Cup plans despite crises

    Qatar ploughs ahead with World Cup plans despite crises

    Brazil's Neymar Jr. who plays as a forward, was the most mentioned player of the World Cup, followed by Argentina's Lionel Messi. Then again, this World Cup served as a stark reminder that it's hard to defend a title at a major global tournament.
  • Largest military deployment for Pakistan polls on Tuesday

    Largest military deployment for Pakistan polls on Tuesday

    Almost 106 million Pakistanis, including more than 19 million new voters, will be eligible to cast their ballots on Wednesday. Later Sunday, the Pakistani Taliban claimed responsibility for the suicide bombing that killed Gandapur.
    Over 50 products cheaper as GST Council slashes rates

    Over 50 products cheaper as GST Council slashes rates

    Also a chance will be given till August 31 for businesses to migrate to the GST regime and late fee would be waived, Goyal said. Mr Goyal said, traders with turnover up to 5 crore rupees will deposit GST monthly but they have to file the returns quarterly.
    Andrew Lincoln confirms 'Walking Dead' exit

    Andrew Lincoln confirms 'Walking Dead' exit

    Maggie is frustrated with Rick, Carol is frustrated with the new members, and Daryl is frustrated with the whole situation. Also representing at the Con? The hit series will return to AMC on October 7.
  • Rep. Adam Schiff: Trump Acts ‘Like Someone who is Compromised’ by Putin

    Rep. Adam Schiff: Trump Acts ‘Like Someone who is Compromised’ by Putin

    National Intelligence Director Dan Coats spoke at a security forum in Aspen on Thursday, July 19, 2018. At the same time, the top House investigator said he hasn't seen any evidence that Mr.
    Maurizio Sarri finally installed as Chelsea boss as Jorginho signs too

    Maurizio Sarri finally installed as Chelsea boss as Jorginho signs too

    Nearly two months later Chelsea are looking for a 13th permanent boss of Roman Abramovich's ownership, which began in June 2003. Gianfranco Zola, the former Chelsea playmaker, could join Sarri's coaching staff - if his fellow Italian is appointed.
    Ener Kanter takes harsh shot at Kawhi Leonard after trade

    Ener Kanter takes harsh shot at Kawhi Leonard after trade

    The report indicates that the Blazers' trade package did not include either of their star guards, Damian Lillard or CJ McCollum. Spurs coach Gregg Popovich met with him in San Diego, but Leonard didn't budge from his position.