Trump and Top European Leader Agree to Work Toward Zero Tariffs

'Making America 1929 Again': GOP Sen. Sasse Rips Trump on Tariffs, Planned Farmer 'Bailout'

'Making America 1929 Again': GOP Sen. Sasse Rips Trump on Tariffs, Planned Farmer 'Bailout'

Mr Trump has said his tariffs - which he earlier described in a tweet as "the greatest" - are meant to pressure countries to change their policies toward U.S. exports. And when it comes to security, he says the Europeans are refusing to pay their share in North Atlantic Treaty Organisation and instead live off the massive United States defense budget.

That figure apparently refers to the U.S. trade deficit in goods alone last year, which hit $810 billion last year, while the total deficit including services was $566 billion.

The White House has searched for months for a way to provide emergency assistance to farmers without backing down on Trump's trade agenda, and the new program will extend roughly $12 billion through three different mechanisms run by the Department of Agrigulture. Beijing retaliated with tariffs on soybeans and pork.

"The European Union is coming to Washington tomorrow to negotiate a deal on Trade", he said. "I told him he better keep that job".

Schlosser said he had been "transitioning" his farm to his son, but the future doesn't look good for young farmers now, he said.

Chinese President Xi Jinping said at an global summit in South Africa that the world faces "a choice between cooperation and confrontation", in remarks that criticized escalating USA tariffs on goods from China and other major trading partners.

She said the "long list" of American goods would include machinery, agricultural and high-tech products, among others.

China is the largest buyer of USA soybeans and one of the largest importers of US pork.

"Our farmers want trade, not aid", declared Rep. Kevin Cramer, a Republican from North Dakota, a state where agriculture alone accounts for one-fourth of the revenue base.

"This is the first time we've gotten good news". "We're trying to sort through a lot of the chaff to get down to the real heart of the issue to make this thing a little more equitable".

"What you are seeing and what you are reading is not what's happening", Trump said.

While the United States claims the retaliation is "illegal", the Trump administration has acknowledged it is doing damage to American farmers, and announced it will provide up to $12 billion in aid to farmers hurt by trade tariffs.

EU has a huge stake in the USA industry, where European companies produce nearly 3 million cars a year, accounting for over a quarter of production in the United States.

To date, every time that the Trump administration has imposed a tariff on China, China has imposed an equal tariff on US goods. "Hope they do it, we are ready - but they won't!"

The two leaders faced off over escalating dispute over tariffs and trade barriers that block USA goods.

US farm profits were already projected to reach a 12-year low before any trade actions were announced.

Not everyone in Trump's own party is happy with the move. "The objective is to get access to the markets on a fair basis for our farmers and ranchers", he said. Ryan added that while Trump is seeking "a better deal for Americans, better trade agreements - I just don't think tariffs are the way to go, and our members are making that pretty clear".

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