Donald Trump downbeat ahead of trade talks with EU

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

Rural voters - many who have deep ties to farming - helped catapult Trump to the presidency in 2016, and China's retaliatory tariffs specifically targeted politically important states and areas.

The plan will take effect around Labor Day, with the $12 billion total "calculated to match the estimated $11 billion of economic damage that retaliatory tariffs will inflict on US farmers", officials told The Washington Post. A food purchase program, in which the government will buy unsold food and distribute it to food banks. That will cover fruits, nuts, rice, legumes, beef, pork and milk.

Additionally, American goods shipped overseas are being slowed from reaching market by unusually strict or cumbersome entry procedures, which can affect the quality and marketability of perishable crops, it said.

US President Donald Trump suggested on late Tuesday that the European Union should simultaneously with the United States lift all customs tariffs, trade barriers and subsidies. Because it's an existing program, congressional approval isn't necessary. That hits demand and brings down prices, cutting into farmers' business.

Mr Trump, speaking at an event in Kansas City on Tuesday, reaffirmed his support for tariffs and pledged that "farmers will be the biggest beneficiary". He also sells about 6,000 pigs a year. According to Agriculture Secretary Sonny Perdue, this is a "short-term solution that will give President Trump and his administration time to work on long-term trade deals".

Farmers in Iowa alone could lose as much as $624 million on soybean shipments to China, Donnelle Eller, an agriculture reporter with the Des Moines Register, told CBSN last month.

A trailer is filled with soybeans at a farm in Buda, Illinois, U.S., July 6, 2018. Debt-to-income ratios for farmers are at a 34-year high.

Soybeans are down 10.22% this year through Tuesday.

Luckily for Trump, he doesn't need Congress to authorize this bailout. I don't fault the President for trying to get a better deal for Americans, but it's not fair to expect farmers to bear the brunt of retaliation for the entire country in the meantime.

"My son has a good job outside of farming", Schlosser said.

"He (Trump) understands the farmers in this country feed us, they fuel us, they clothe us and he'll do everything he can to protect them". Trump said. "Hope they do it, we are ready - but they won't!" he said. But, they are expecting us to offset the cost of the (50 percent) tariff. As the dispute escalates, China and other importers have slapped tariffs on incoming shipments of US soybeans, dairy, meat, produce, and liquor.

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"This is an election ploy".

"We have no idea what he is talking about and you may have to direct the question to him", a spokesperson at the Chinese embassy in Washington said.

"The current worldwide order is not flawless", the Chinese president said.

"I would tell them that this escalating trade tariff war with various worldwide countries is only going to end up hurting the US consumer and the USA producers and the product they are exporting", Paine said.

On Twitter, Trump says people "snipping at your heels during a negotiation" will only delay the process. In another tweet, Trump claimed that "Negotiations are going really well, be cool. The end result will be worth it!"

This year's soybean crop could yield a record harvest for IL soybean farmer Dave Kestel.

And Senator Ron Johnson warned that "no one wins a trade war".

Some farmers expressed concern that few details have been released.

The program is expected to start taking effect around Labor Day. I don't want bailouts.

The news lifted shares of farm equipment companies on the prospect that farmers will have more money to spend on tractors and other farm gear.

The U.S. Wheat Associates and National Association of Wheat Growers issued a statement saying that while they appreciate the president's effort to push back against China's unfair trade practices, tariffs are ultimately not the answer. "I think it will only put out the fire a little bit". Lost $817 Billion on Trade past year.

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