President Donald Trump declared tariffs \u201cthe greatest\u201d over Twitter Tuesday morning, even as his administration prepares to shore up the agricultural industry, which is weathering financial turmoil induced by his trade policies.<\/p>\n
\nTariffs are the greatest! Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. It\u2019s as simple as that – and everybody\u2019s talking! Remember, we are the \u201cpiggy bank\u201d that\u2019s being robbed. All will be Great!<\/p>\n
\u2014 Donald J. Trump (@realDonaldTrump)\u00a0July 24, 2018<\/a><\/p><\/blockquote>\n<\/div>\n
The administration reportedly plans to give farmers $12 billion in emergency aid to cope with the fallout from the tariff regime, Politico first\u00a0reported Tuesday<\/a>. Farmers have been among those hit hardest under Trump\u2019s protectionist trade agenda, as foreign countries levy tens of billions of dollars in retaliatory tariffs largely on the American agricultural industry. China, Mexico, and Canada have responded to the Trump administration\u2019s taxes on imported steel, aluminum, and electronics with\u00a0taxes on American soybeans, dairy, pork, apples, and potatoes<\/a>, as well as other US products.<\/p>\n
The impact of tariffs on US agriculture is no joke. Prices for agricultural products like\u00a0soybeans have dropped to a 10-year low<\/a>\u00a0since Trump imposed sweeping tariffs on trade and aluminum earlier this year. And farmers across different markets have grown increasingly nervous about how their businesses will fare if the trade war continues.<\/p>\n
The administration\u2019s plan, which has yet to be formally released, would reportedly be aimed at stabilizing the agricultural industry through three programs:<\/p>\n
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- Direct financial assistance for farmers.<\/li>\n
- A purchase and distribution program, where the government buys up surplus agricultural products and redistributes them for low-income food assistance.<\/li>\n
- A trade promotion program.<\/li>\n<\/ol>\n