'Tariffs are the greatest!': Trump reissues threat against USA trading partners
24 July, 2018, 21:59 | Author: Corey Lynch
The Trump administration will reportedly give $12 billion in aid to farmers hurt by the tariffs.
President Donald Trump declared Tuesday that "Tariffs are the greatest!" and threatened to impose additional penalties on US trading partners as he prepared for negotiations with European officials at the White House.
What's the background on the tariffs?
And on Tuesday, Trump announced plans to impose 10 percent tariffs on an additional $200 billion in Chinese imports by the end of August.
The imposition of punishing tariffs on imported goods has been a favored tactic by Trump, but it has prompted US partners to retaliate, creating risks for the economy. This caused the price of sorghum to drop significantly, and forced ships full of sorghum heading to China to change course.
Soybean futures 0#S: also rose as traders bet farm aid would improve demand, reducing a current surplus supply.
Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to USA national security, an argument that allies such as the European Union and Canada reject. These steel tariffs have caused the price of steel to jump significantly, which in turn has caused the price of farm equipment to also rise.
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. He called the European Union "terrible" and said the USA was losing billions of dollars in a trade deficit. In 2017, Chinese imports to the US totaled around $5.05 billion. It involves direct payments to farmers, the purchase of excess food and trade promotion programs to help create new export markets.
The Agriculture Department was expected to announce the plan later Tuesday.
"Tariffs are the greatest!" "All will be Great!" he concluded.
Tariffs are taxes on imports.
The Agriculture Department is announcing a $12 billion "short-term" plan to help USA farmers hurt by retaliatory tariffs. "The fact that other countries are bad at economics-and harm their own people with tariffs and other protectionist schemes-does not justify our own economic incompetence".
The plan, however, has already magnified objections among some Republicans that the tariffs amount to taxes on American consumers.
Sen. Ben Sasse (R-Neb.) was even more scathing in his response to this move.
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