Donald Trump: 'Tariffs are the greatest!'

Trump Tapping $12B to Help Farmers Affected by Tariffs

This year's showcase comes during a contentious period in United States trade relations, after the Trump administration targeted China and some U.S. allies with steep tariffs on a variety of goods.

The proposal to stabilize farmers, some of whom have watched prices tumble amid ongoing trade disputes, is a recognition that Trump's tariffs are having a short-term impact on the agriculture sector heading into the midterm elections.

President Trump's tariff threats against China, Canada, Mexico and the European Union prompted immediate threats of retaliation.

Agriculture officials say the plan will not require congressional approval.

The $12 billion will reportedly come in the form of direct assistance, a food purchase and distribution program, and a trade promotion program.

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Retaliatory tariffs on goods such soybeans, pork, beef and bourbon have hit farmers' and others' bottom lines in Wisconsin, North Carolina, Ohio, Iowa and Kentucky.

Sen. Rand Paul (R-Ky.) also tweeted, saying: "Tariffs are taxes that punish American consumers and producers". "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again".

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. Trump wrote in a Twitter post Tuesday, warning countries must negotiate a "fair" trade deal or they will get hit with tariffs. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that past year totalled $335 billion.

Those four, as well as Turkey, were slapped with disputes at the World Trade Organization by the U.S. But conservative critics of the White House's approach said on Tuesday that Trump's move to offer rescue funds to farmers suggests the standoff with other countries won't end soon. China said it would retaliate, leaving even more USA farm products at risk.

Trump is meeting with European Commission President Jean-Claude Juncker (zhahn-KLOHD' YUN'-kur) on Wednesday.

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