Republicans Say Trump's Farmers Bailout Will Not Work

U.S. Secretary of Agriculture Sonny Perdue

We also export large amounts of pork and beef.

"Rather than accepting retaliatory tariffs and seeking to offset them with federal assistance, America's producers believe the administration should look toward solutions that will enable them to export their homegrown goods to critical markets around the globe", he said.

Trump indicated both sides agreed to halt for now tariffs that threatened to devolve into a trade war as negotiations proceed, and said the European Union agreed to import more United States soybeans and liquid natural gas.

Under the terms of the Commodity Credit Corporation, the aid package does not require congressional approval. "Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs", Trump wrote on Tuesday.

The administration is expected to announce the aid package Tuesday, according to a source familiar with the plan, in the same week Trump is traveling to Missouri, Illinois and Iowa to speak with veterans and stump for candidates in this year's midterm elections.

The overtures are a last-ditch attempt to persuade him from imposing tariffs on European vehicle exports to the US, in what could deal a serious blow to the bloc's economy.

Up to 120,000 USA jobs depended on European Union auto imports, with a tariff war putting these at risk, the European Union warned in an 11-page study sent to the U.S. ahead of Wednesday's meeting.

It would also affect business confidence in open markets for years to come, the British bank chief, Mark Carney, said. Soybean prices have plunged 18 percent in the past two months. On July 24, Trump called for patience and the need to "stick it out". "I told him he better keep that job".

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"Time and time again I've heard from farmers that they want trade, not aid", said Sen.

Mark Martinson, who raises crops and cattle in north-central North Dakota and is president of the US Durum Growers Association, said the $12 billion figure "sounds huge" but there are many farmers in need. "Hope they do it, we are ready - but they won't!" As the dispute escalates, China and other importers have slapped tariffs on incoming shipments of USA soybeans, dairy, meat, produce, and liquor.

"We will always look for areas where we can work together on a mutually beneficial basis".

Meanwhile, the first diplomatic source said, US-China diplomacy is progressing only on the sub-national level, between US state governors and their Chinese counterparts and potential investors.

"This is obviously a short-term solution that will give President Trump time to work on a long-term trade policy and deal to benefit agriculture as well as all sectors of the American economy", Agriculture Secretary Sonny Perdue said during a call with reporters.

Trump pushed back against critics of his plan on Wednesday, telling them to "be cool" because "the end result will be worth it!"

This year's soybean crop could yield a record harvest for IL soybean farmer Dave Kestel. "But right now, we're the ones that are taking the hit". The USDA said it planned to roll out some of those details around Labor Day and the program would begin to make payouts after the fall harvest. I don't want bailouts. At current prices, most farmers lose money on corn, dairy, soybeans and pigs. And he's doing it despite his advisors honking their horns and waving their arms as Trump gets closer toward driving the US economy over a cliff. "I think it will only put out the fire a little bit".

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