$12 bn for US farmers hit by trade war
Washington, July 25
The Trump administration on Wednesday announced $12 billion financial assistance to American farmers hit by retaliatory tariffs imposed by trading partners like China, India and the EU.
Farmers in the US have been adversely impacted after the Trump administration imposed tariffs on aluminium and steel imports, triggering a trade war with several countries, including China, which has announced retaliatory measures against American goods. Being described as a short-term solution, the US Department of Agriculture (USDA) will authorise up to $12 billion in programmes, which is in line with the estimated $11 billion impact of the unjustified retaliatory tariffs on the US agricultural goods.
These programmes will assist agricultural producers to meet the costs of disrupted markets. “This is a short-term solution to allow President Donald Trump time to work on the long-term trade deals to benefit agriculture and the entire US economy,” Agriculture Secretary Sonny Perdue said. “Trump knows the importance of keeping our rural economy strong,” he said.
US agricultural producers have been treated “unfairly” by China’s “illegal” trading practices and have taken a disproportionate hit when it comes to illegal retaliatory tariffs, he said. China cancelled $140 million in soybean contracts at the end of June, according to US lawmakers. — PTI
Trump’s star smashed
Donald Trump’s star on the Hollywood Walk of Fame was destroyed by a man, now in custody, with a pickaxe on Wednesday. It has repeatedly been the target of vandalism and protests since Trump turned to politics.
