Trump insists Chinese language tariffs will cowl $16 billion farm commerce assist package deal
Jabin Botsford | The Washington Put up | Getty Photos
President Donald Trump on Thursday hosted a White Home occasion with farmers and ranchers harm by the administration’s ongoing commerce warfare with China, simply hours after the White Home introduced a brand new $16 billion farm and ranch assist package deal for these most affected.
“We will ensure that our farmers get the relief that they need — and very, very quickly,” Trump mentioned in remarks from the Roosevelt Room. “We want to get them back to the point where they would have had a good year.”
Trump mentioned he directed Agriculture Secretary Sonny Perdue to attract up the $16 billion assist package deal to assist farmers impacted by the retaliatory tariffs from China.
The president mentioned the commerce package deal for agricultural producers “will be paid for by the billions of dollars” the Treasury is taking in from tariffs on Chinese language imports. He mentioned the sum of money the U.S. authorities will acquire from these tariffs is “far more than the $16 billion that we’re talking about.”
“But the $16 billion of funds will help keep our cherished farms thriving and make clear that no country has veto on America’s economic and national security,” Trump mentioned. “Can’t let that happen, ever.”
The centerpiece of the help deal is a sequence of money funds totaling $14.5 billion to farmers of a wide range of crops in addition to dairy and pork producers impacted by retaliatory tariffs. U.S. tariff income collected by the Treasury could be used to help this system, in line with the U.S. Division of Agriculture.
“The package we’re announcing today ensures that farmers will not bear the brunt of those trade practices by China or any other nation,” Perdue advised reporters on a name early Thursday.
As well as, the federal government plans bulk purchases of about $1.four billion of recent produce and different meals merchandise impacted by tariffs. The meals could be used to assist meals banks, pantries and college meal applications.
The USDA additionally plans a $100 million commerce promotion program for livestock producers and sure crops to assist business sectors develop new markets. A related program was launched as a part of the administration’s 2018 commerce reduction program for agriculture.
The most recent spherical of farm assist follows the Trump administration final 12 months offering help to agricultural producers impacted by the commerce warfare with China and others.
Producers of soybeans acquired probably the most reduction cash in final 12 months’s $12 billion assist package deal for farmers. This system introduced Thursday contains direct funds to farmers of greater than two dozen agricultural commodities, together with grains, oil seeds and specialty crops, in addition to dairy and pork.
In response to the USDA, the highest 5 states the place farmers acquired commerce assist as a part of final 12 months’s program had been Illinois, Iowa, Kansas, Nebraska and Indiana. Trump gained all however a kind of states — Illinois — within the 2016 presidential election.
“The American farmers have been used as a vehicle for China to try and hurt our country,” Trump mentioned. “China has openly stated they are going to use the farmer. The reason is because I got the farmers’ votes.”