Taxpayers Set To Pay $12 Billion To Assist U.S. Farmers Suffering From Trump’s Trade War
The Trump administration is set to announce $12 billion in aid to help aid farmers from his escalating trade war that President Trump started.
A Reuters report describes the move by the Trump administration as a “Great Depression-era program.”
The program is the Commodity Credit Corporation which allows the government to borrow up to $30 billion from the U.S. Treasury in order to protect, stabilize, or support farmers’ prices without Congressional approval.
It is a signal that Trump is not backing out of the trade war, which imposes tariffs on China and the European Union.
Reports state that China is targeting Trump voters by putting a tariff on agricultural produce. China has put a tariff on soybeans, which is America’s largest export to China. The farmers producing the soybeans in rural states largely voted for Trump during the 2016 presidential election.
The trade war is expected to have consequences for Republicans during the midterm elections.
During a speaking engagement in Kansas City yesterday, Trump reassured the farmers who voted for him that they will eventually be the biggest beneficiary of the tariffs and asked for a “little patience,” according to the Reuters report.
The president has received criticism from GOP senators about his fam bailout. Tennessee Sen. Bob Corker urged the White House to back out of the trade war, stating that the administration is “offering welfare” to solve a problem they created.
President Trump assures farmers that he has their back, as some begin to feel the effects of the escalating trade war with China https://t.co/4ArQjZ0Nhh pic.twitter.com/lEcNF8WoNM
— CNN (@CNN) July 25, 2018
Republicans Nebraska Sen. Ben Sasse and Kentucky Sen Rand Paul criticized the move by the Trump administration.
Farmers: Thanks for the $12B … but can we get rid of the tariffs? https://t.co/ZSFhRlDxFp
— AP Business News (@APBusiness) July 25, 2018
Trump seemingly replied on Twitter to the criticism and hit at “weak” politicians asking him to reverse course on the escalating trade war with China and the European Union.
“Every time I see a weak politician asking to stop Trade talks or the use of Tariffs to counter unfair Tariffs, I wonder, what can they be thinking? Are we just going to continue and let our farmers and country get ripped off? Lost $817 Billion on Trade last year. No weakness!”
Every time I see a weak politician asking to stop Trade talks or the use of Tariffs to counter unfair Tariffs, I wonder, what can they be thinking? Are we just going to continue and let our farmers and country get ripped off? Lost $817 Billion on Trade last year. No weakness!
— Donald J. Trump (@realDonaldTrump) July 25, 2018
Trump called for his fellow Republicans to support him, arguing that the critics are slowing down the process of making a deal. The POTUS claimed that the negotiations are going well and went on to acknowledge that China is targeting his voters.
When you have people snipping at your heels during a negotiation, it will only take longer to make a deal, and the deal will never be as good as it could have been with unity. Negotiations are going really well, be cool. The end result will be worth it!
— Donald J. Trump (@realDonaldTrump) July 25, 2018
“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. They are being vicious in what will be their failed attempt. We were being nice – until now! China made $517 Billion on us last year.”
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. They are being vicious in what will be their failed attempt. We were being nice – until now! China made $517 Billion on us last year.
— Donald J. Trump (@realDonaldTrump) July 25, 2018
While President Trump’s approval rating among Americans is historically low, his approval among Republicans has remained exceedingly high. It is unclear how the longterm effects of his economic policies will affect his popularity with his base.
