Trump: "Tariffs are the greatest." Also farmers need $12 billion in aid because of tariffs.
The administration plans an aid package to shore up the agriculture industry.
By Tara Golshan Jul 24, 2018, 1:00pm EDT
President Donald Trump declared tariffs “the greatest” over Twitter Tuesday morning, even as his administration prepares to shore up the agricultural industry, which is weathering financial turmoil induced by his trade policies.
The administration reportedly plans to give farmers $12 billion in emergency aid to cope with the fallout from the tariff regime, Politico first reported Tuesday. Farmers have been among those hit hardest under Trump’s protectionist trade agenda, as foreign countries levy tens of billions of dollars in retaliatory tariffs largely on the American agricultural industry. China, Mexico, and Canada have responded to the Trump administration’s taxes on imported steel, aluminum, and electronics with taxes on American soybeans, dairy, pork, apples, and potatoes, as well as other US products.
The impact of tariffs on US agriculture is no joke. Prices for agricultural products like soybeans have dropped to a 10-year low since Trump imposed sweeping tariffs on trade and aluminum earlier this year. And farmers across different markets have grown increasingly nervous about how their businesses will fare if the trade war continues.
https://www.vox.com/2018/7/24/17607484/trump-tariff-farmers-emergency-aid
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