Trump claims 'tariffs are the greatest' amid trade war

Trump claims 'tariffs are the greatest' amid trade war

Trump claims 'tariffs are the greatest' amid trade war

Farm groups have complained that moves by China and other countries in response to Trump's protectionist trade stance could cost them billions of dollars, spooking Republicans who fear a political and economic blowback to Trump's approach. Officials said the plan would not require congressional approval and would come through the Commodity Credit Corporation, a wing of the department that addresses agricultural prices.

"This is a short-term solution that will give President Trump and his administration time to work on long-term trade deals that benefit agriculture and all sectors of the economy", US Agriculture Secretary Sonny Perdue said.

President Trump on the state of the economy and efforts to improve USA trade deals.

And on Tuesday, Trump announced plans to impose 10 percent tariffs on an additional $200 billion in Chinese imports by the end of August.

He promised to protect USA workers and promote American industry after threatening to impose another $500 billion in tariffs on Chinese exports - a move expected to bring more Chinese retaliation against US goods.

Still, some Republicans several months ago had warned against using the CCC as part of a trade-war related bailout, saying it could distort market forces and pay farmers for products they don't produce.

The administration has also engaged in hardline trading negotiations with Canada and European nations, seeking to renegotiate agreements he says have undermined the nation's manufacturing base and led to a wave of job losses in recent decades.

The imposition of punishing tariffs on imported goods has been a favored tactic by Trump, but it has prompted USA trading partners to retaliate, creating risks for the economy.

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.

"We're stopping the barriers to other countries".

You read that and wonder if Trump took a single economics class at the University of Pennsylvania, but it's not an entirely unpopular position.

Trump's message comes ahead of his meeting with European Commission President Jean-Claude Juncker in Washington, D.C. on Wednesday.

United States agriculture exports have been a prime target of China and other countries that have retaliated against the series of tariffs Trump has imposed in recent months.

In addition to the direct impact of tariffs on American farm products, farmers have also been hurt by USA tariffs on foreign steel imports.

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