United States President Donald Trump has promised farmers up to $12 billion to compensate for losses related to tariffs imposed by China, Mexico and others in retaliation for Trump’s tariffs on steel and aluminum.
It fleshes out his vague promises in the past. Canadian politicians have not offered any help for farmers hit by the trade wars, although it’s clear that their prices for products such as soybeans and hogs have been hard hit.d
Nor has the government said anything about using countervailing duties to offset the impact of Trump's new farm subsidies.
U.S. Agriculture Secretary said the money will come from the Commodity Credit Corp. and said “this obviously is a short-term solution that will give President Trump time to work on a long-term trade policy.”
In a speech in Kansas City, Mo., on Tuesday, the President aggressively defended his trade policies. “We have to do it,” Mr. Trump said, blasting both China and the European Union.
“But it’s all working out,” he said. Farmers would ultimately benefit from his approach, he pledged.
Congressional Republicans typically resist large-scale government assistance programs, so some are becoming critical of the tariff war. At least two Republicans have said they are thinking about introducing legislation to curb Trump’s power to impose tariffs on his own.
“This trade war is cutting the legs out from under farmers and the White House’s ‘plan’ is to spend $12-billion on gold crutches,” said Senator Ben Sasse, a Nebraska Republican who frequently criticizes Trump.
“Tariffs are taxes that punish American consumers and producers,” Kentucky Republican Senator Rand Paul wrote on Twitter. “If tariffs punish farmers, the answer is not welfare for farmers – the answer is remove the tariffs.”
