U.S. President Trump says 'tariffs are the greatest'

Adjust Comment Print

As just one example of how farmers are impacted, China used to import $1 billion worth of American-grown sorghum annually, which made up 77 percent of all US sorghum exports.

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

The Washington Post notes that the program was created so long ago that it doesn't require congressional approval while taking out a loan of up to $30 billion.

Details about the bailout plan are scanty at this point, though the Post indicates it will include "direct assistance, a food purchase and distribution program, and a trade promotion program".

Sorghum is only one out of many farm products hit by tariffs from China and other nations in response to the Trump administration's tariffs.

Sen. Ben Sasse, R-Neb., said the plan would spend billions on "gold crutches".

North Korea to return USA soldiers' remains in weeks: Pompeo
After Pompeo's visit, North Korea accused his delegation of making "gangster-like" demands in connection with denuclearization. The comments come about a month after Trump met with Kim for a historic summit between the two leaders in Singapore.

Trump tweeted on Tuesday morning, saying "t$3 ariffs are the greatest!" and that other nations would have to negotiate better trade deals with the United States or be hit by additional tariffs. House Speaker Paul Ryan of Wisconsin said lawmakers are making the case to Trump that tariffs are "not the way to go". America's farmers don't want to be paid to lose - they want to win by feeding the world.

After Trump announced plans to impose $50 billion in tariffs on Chinese imports, Beijing retaliated with plans to impose tariffs on a range of agricultural products from the USA including soybeans, grains, meats and dairy products.

"Tariffs are the greatest!" the president wrote on Twitter.

He warned USA trade partners that he will impose more sanctions unless they negotiate a "fair deal".

Trump has threatened to place tariffs on up to $500 billion in products imported from China, a move that would dramatically ratchet up the stakes in the trade dispute involving the globe's biggest economies. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that previous year totalled $335 billion.

His remarks come just ahead of his expected meeting with the European Union commission president, where they will discuss renegotiating trade agreements. The U.S.is also in the middle of a trade dispute with China and is threatening to impose new tariffs on the European auto sector.

Comments