Trump administration announces $12 Billion in financial assistance
The Trump administration has announced a whopping $12 Billion emergency financial assistance to help the American farmers affected by tariffs. The news was confirmed by the U.S. Department of Agriculture. These retaliatory tariffs were imposed by trading partners like China, India and the EU.
The farmers in the US have been badly affected by the Trump administration when it imposed tariffs on Aluminium and steel imports. This step has created a trade war with several other countries that includes China. In addition, China has also threatened a tit-for-tat response. China imposed retaliatory tariffs on soybeans, wine, and other agricultural products. These tariffs have affected the farmers of rural America. Interestingly, these farming states voted for Donald Trump in the 2016 Presidential Elections.
Tariffs are killing farmer jobs and the jobs of steel/aluminum-consuming manufacturing. Bailouts are propping up harmed farmers, and tariffs are propping up manufacturers who can't survive at market prices.
— Tim Carney (@TPCarney) July 24, 2018
Tariffs are the greatest! Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. It’s as simple as that – and everybody’s talking! Remember, we are the “piggy bank” that’s being robbed. All will be Great!
— Donald J. Trump (@realDonaldTrump) July 24, 2018
Meanwhile, the Trump Administration announced a $12 billion financial aid to help farmers who have been hit by retaliatory tariffs from other nations.
“This is a short-term solution to allow President (Donald) Trump time to work on long-term trade deals to benefit agriculture and the entire US economy,” Agriculture Secretary Sonny Perdue said.
What Trump says
“Our workers have been cheated, our companies have been cheated,” the President said in a speech. During the speech, he also demanded ‘reasonable’ and ‘fair’ trade deals with other nations.
“We have to do it – other countries have tariffs on us,” Donald Trump said. “These countries have been ripping us off for decades.” “It doesn’t take a week – it takes a little longer. But we’re going to get it done,” the President of the United States of America added.