United States farmers to receive up to US$12B in trade war relief

EUR  USD Advances as Trump Secures Concessions from EU to Avoid Trade War

EUR USD Advances as Trump Secures Concessions from EU to Avoid Trade War

President Donald Trump said Wednesday that he and European Commission President Jean-Claude Juncker agreed to work toward eliminating tariffs and barriers on trade, reducing tensions for now in a brewing trade war.

He said the two sides also agreed to work together to reform the World Trade Organization, which Trump has vehemently criticized as being unfair to the U.S. Earlier in the Oval Office, Juncker told Trump that the two trading partners were "allies, not enemies" and said they needed to work together to address recent frictions involving Trump's threats to impose tariffs on auto imports and European Union plans to retaliate.

A U.S. flag flies near a field of soybeans in Tiskilwa, Illinois, U.S., July 6, 2018. "Importantly, the USDA intends to use a Trade Promotion Program to develop new export markets for American agricultural products".

Kasich says that will only compound tariff damage. He has also singled out the European Union as a "foe" of the US because of its trade surplus.

On Twitter, Trump said people "snipping at your heels during a negotiation" will only delay the process. "Negotiations are going really well, be cool". "Are they truly going to get us a solution that will make things better?"

"China is targeting our farmers, who they know I love & respect, as a way of getting me to continue allowing them to take advantage of the U.S.", Trump tweeted. 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.

Trump recently placed tariffs on $34 billion in Chinese goods, which prompted retaliatory tariffs on US agricultural products - everything from soybeans to fresh fruit and meat.

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'.

He reiterated his willingness to ratchet up the trade war in a Tweet, stating, "Tariffs are the greatest!".

The US and European Commission Presidents discussed the implementation of 20 percent tariffs on EU steel and aluminium introduced last month as well as Mr Trump's threats to expand those measures to European cars.

Ryan said he understands Trump is seeking "a better deal for Americans" but added the us should instead "work together to reduce trade barriers and trade restrictions between our countries". "Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs", Mr. Trump wrote. The program is expected to start taking effect around Labor Day in the U.S. on September 3.

"The $12 billion in farm aid announced today will provide a short-term fix, but it's not a long-term solution", Iowa Gov. Kim Reynolds said in response to the Trump announcement.

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. Rand Paul (R-Ky.) referred to the aid as "welfare for farmers".

Former Congressional Budget Office Director Douglas Holtz-Eakin said the emergency aid for farmers would likely be considered Trump's first taxpayer funded bailout of private entities, an unusual occurrance during a strong economy. "I've never seen any proof of that and I don't think it's true".

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