Trump tweets tariffs ‘are the greatest’ and threatens additional levies

Adjust Comment Print

"North Dakota's farmers and ranchers don't want a handout - they want access to markets to sell their goods", she said in a statement that called on the Trump administration to "give up this misguided trade war".

The president has repeatedly called the European Union - which includes numerous U.S.'s oldest and most committed allies - an unfair trading partner and even labeled it a "foe".

Sen. Rand Paul (R-Ky.) also tweeted, saying: "Tariffs are taxes that punish American consumers and producers".

China is the world's single largest importer of soy, and it buys roughly 30 percent of all US soybeans.

"A Band-Aid doesn't cure an illness, but it might make it temporarily better", said Dave Struthers who grows corn, soybeans and hay on a 1,100-acre Iowa farm near Collins, about 30 miles (48 kilometers) northeast of Des Moines.

Agriculture is the rare USA industry that runs a trade surplus, with a projected US$21 billion this year.

U.S. President Donald Trump has secured concessions from the European Union to avoid a trade war, the Wall Street Journal reported on Wednesday, citing an EU official who was in the room during talks between Trump and the EU's Jean-Claude Juncker.

"Time and time again I've heard from farmers that they want trade, not aid", said Senator Ron Johnson, a Republican from Wisconsin.

Trump said the two agreed "to work toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods". China has retaliated with duties on soybeans and pork, affecting Midwest farmers in a region of the country that supported the president in his 2016 campaign.

Donald Trump says he's 'very happy' with North Korea negotiations
Both Pompeo and Trump have argued there is no daylight between the two governments' positions on Pyongyang's nukes. The establishment of a legally binding peace treaty would require the approval of two-thirds of the US Senate.

Hopefully China will flinch in this risky game of trade chicken, and if not they'll probably slap a tariff on that as well.

White House officials contend the tariffs inflict some necessary minor, domestic short-term pain in order to achieve long-term large gains for the US economy.

The other would be a free trade agreement between the US and European Union covering industrial goods, which would amount to a narrower version of the Transatlantic Trade and Investment Partnership pursued by the Obama administration, the European official said.

Shares of farm-related companies rose following reports of the financial assistance, which raised the prospect that farmers will have more to spend on tractors and other farm gear.

"Tariffs are the greatest!", he wrote.

Deere & Co rose 4 percent in late morning trading, while Caterpillar Inc and AGCO Corp were up almost 2 percent ahead of the expected announcement. "Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs".

Tuesday's announcement of the emergency aid comes less than four months before congressional elections in which the majority-Republicans, including some in farms states, find themselves vulnerable to Democratic Party challengers who are rising in the polls.

Some of the emergency aid will be used in direct payments to farmers of commodities such as soybeans. The EU has a huge stake in the USA industry, where European companies produce nearly 3 million cars a year, accounting for over a quarter of production in the United States.

Manufacturers - particularly any who use steel or aluminium - have also been hit hard by the effects of Trump's decision to levy tariffs on the two metals. "It's as simple as that - and everybody's talking!"