The plan aims to provide temporary relief to farmers who have faced retaliation from US trade partners during Trump's escalating trade dispute with China.
The official Trump administration line right now is that the trade war he's launched against China, the European Community and others is a total no-brainer, and simply a matter of Uncle Sam deciding to stop being Uncle Sucker.
While promoting the global negations, Mr. Trump praised his hard-line trade strategy, saying slapping tariffs if the U.S.is treated unfairly is "simple".
The Agriculture Department is expected to announce a $12 billion emergency aid package to help farmers affected by tariffs on their crops, CBS News confirmed Tuesday, according to a source familiar with the assistance that will be extended.
In response to steep tariffs imposed by the Trump administration, China has responded with tariffs of its own on American goods.
Windhorst: Raptors may be in ‘driver’s seat’ in Kawhi Leonard talks
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"Time and time again I've heard from farmers that they want trade, not aid", said Senator Ron Johnson, a Republican from Wisconsin. And American consumers are the ones who get hit with USA -imposed tariffs. Trump has threatened to ratchet that up to more than $500 billion, a move that has left financial markets uneasy. After Trump hit China with tariffs, they responded with a 179 percent retaliatory tariff on us sorghum.
Products from every one of the 50 states - from candy to crab pots to horseshoes and space suits - will be on display at the White House for Monday's "Made in America Product Showcase".
President Trump's tariff threats against China, Canada, Mexico and the European Union prompted immediate threats of retaliation. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that past year totalled $335 billion. China said it would retaliate, leaving even more USA farm products at risk.
A number of White House officials, who have been apprehensive about Trump's use of tariffs, had hoped that other countries would quickly offer concessions before things escalated further.
Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to US national security, an argument that allies such as the European Union and Canada reject. "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again".
The president is meeting with European Commission President Jean-Claude Juncker on Wednesday.