Donald Trump set for tense trade talks with EU's Jean-Claude Juncker


The Trump administration on Tuesday said it would provide up to US$12 billion in aid for U.S. farmers to shield them from the repercussions felt by trade spats between the United States and China, the European Union and others.

The president is meeting with European Commission President Jean-Claude Juncker on Wednesday.

"This is a short-term solution to allow President Trump time to work on long-term trade deals to benefit agriculture and the entire US economy", said Sonny Perdue, the secretary of agriculture, in a statement.

"I want to know what we're going to say to the automobile manufacturers and the petrochemical manufacturers and all the other people who are being hurt by tariffs", said Senator John N. Kennedy, a Republican from Louisiana.

Since the tariff was enacted, the price for US soybeans has dropped roughly 20 percent, said Chad Hart, an economist at Iowa State University.

"Countries that have treated us unfairly on trade for years are all coming to Washington to negotiate", he said in a pre-dawn tweet.

"The ultimate goal is to secure additional trading partners and trading opportunities for farmers and ranchers so they have a predictable environment going forward", said Joiner, whose group has been raising concerns about the administration's trade approach for months.

On a call explaining the assistance, the administration said the $12 billion value of the package was in line with the estimated $11 billion hit to farmers from recent trade tensions.

It involves direct payments to farmers, the purchase of excess food and trade promotion programs to help create new export markets.

It was the first recognition by the Trump administration that the president's trade dispute is hurting Americans. He added, "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again".

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In a speech to in Kansas City, Missouri on Tuesday, the president aggressively defended his trade policies.

Perdue said the plan was a short-term solution to the "illegal" response by China, Canada, Mexico, the European Union and other major economies to aggressive U.S. trade sanctions.

"Watch", Trump said. "We're opening up markets. I don't think there is enough money in the government to make anybody whole", Ebert said. That puts farmer assistance below the amounts that would trigger complaints before the World Trade Organization, the USDA said.

Reaction from trade partners to Trump's tariff policies have pushed soybean prices about 18 percent lower and corn and pork prices down 15 percent from the time Trump began discussing tariffs this spring.

Trump approved tariffs on steel and aluminum and imposed a 25 percent levy on $34 billion worth of Chinese goods.

Sen. Rand Paul, R-Ky., blasted the plan on Twitter.

The package of programs is authorized under the Depression-era Commodity Credit Corporation Charter Act, according to Agriculture Secretary Sonny Perdue, and thus does not require approval from Congress. "It means that they are competitive", Mr. Trump told Glor.

German producers and supplies employ more than 118,000 people at about 300 plants and manufacture more than 800,000 vehicles per year in the US - with more than half of the cars being exported, according to figures provided by the German automotive industry.

The funds, however, will not be spent until Labor Day in early September, the Department of Agriculture said Tuesday, just months before the midterm elections.

However this morning European Union commissioner Guenther Oettinger said the bloc would be "ready to discuss a reduction and restructuring of all tariffs in all sectors" provided "the existing punitive tariffs" are lifted first. "But Wisconsin is our home base, and we want to expand and grow here", Clark said.