Business
08:11, 25-Jul-2018
US to offer $12 bln in compensation to its farmers
Updated
07:32, 28-Jul-2018
["north america"]
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The Trump administration on Tuesday unveiled a 12-billion-US-dollar aid program for American farmers affected by the growing international trade war as a way of appeasing their rising anger.
The aid is aimed at protecting the interests of soybean, pork and other farmers and reducing the negative impact of tax-raising measures by US trading partners.
The aid will take the form of direct cash payments to farmers, or the purchasing of farm products to serve the poor via government nutrition programs.
Trump earlier tweeted his tariffs as “the greatest,” saying they were intended to pressure countries to change their policies toward US exports.
Soybeans prices fell sharply after China, a major importer, sparked worries among the US farmers by imposing tariff measures in response to American levies on Chinese imports.
The move has also sparked wide criticism from lawmakers and the media.
The Wall Street Journal reported that some members of Congress are sceptical about the move. They say what farmers need is to sell their products, not a government subsidy program.
It also said some Republican senators worry that aid might extend to other fields if Trump continues with tariffs.
The Hill cited one senator as saying that the Trump administration is leading the country back to the Great Depression.
Quartz pointed out that Trump is paying the bill for tariffs with taxpayer money.
The New York Times reported one senator suggesting the move would prompt other fields hurt by trade frictions to ask for extra aid as well.