USA to give farmers $12bn trade war bailout

Trump Offers $12 Billion Aid To US Farmers Hit By Tariff War With China

The leaders pledged to expand European imports of US liquefied natural gas and soybeans and both vowed to lower industrial tariffs, excluding autos.

Juncker said the two sides agreed that as long as they were negotiating on trade, they would hold off on further tariffs, including potential U.S. tariffs on cars and auto parts. The U.S. and China have threatened to impose 25 percent tariffs next week on $16 billion of each other's goods.

Amid turbulent, transatlantic trade relations, sparked by USA tariffs on EU steel and aluminium, EU Commission President Jean-Claude Juncker will try and calm things down in Washington. He said the two leaders were working towards a goal of "zero tariffs, zero barriers, and zero subsidies on non-auto industrial goods".

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to USA national security, an argument that the European Union and Canada rejects.

China, the EU, Canada and Mexico have all filed disputes against the United States in the World Trade Organization, which could authorize the retaliation if it decides the tariffs imposed by Washington were unjustified of violated global trade rules.

President Donald Trump holds up a "Make Our Farmers Great Again" hat as he speaks during the 2018 Made in America Product Showcase event, July 23, 2018, in the Cross Hall of the White House in Washington, D.C.

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Mara noted that Trump also directed violent language toward North Korea - before meeting with Kim Jong Un in Singapore. Israeli Prime Minister Benjamin Netanyahu praised the administration's tough stance.

Nick VanWychen, a Kaukauna farmer, says soybeans are one of the crops most affected by trade disputes.

Trump's threat to impose tariffs on auto imports would hit European carmakers BMW (BMWG.DE) Daimler (DAIGn.DE) and Volkswagen (VOWG_p.DE) hard, as well as Japanese and South Korean vehicle companies.

What's the impact of the tariffs?

This comes as President Donald Trump appears at the Veterans of Foreign Wars national convention in Kansas City in the heart of the nation's farm country.

Tuesday evening, hours before the meeting was to take place, Trump tweeted that he hoped the us and the European Union could agree to "drop all Tariffs, Barriers and Subsidies".

The Agriculture Department predicted before the trade fights that US farm income would drop this year to $60 billion, or half the $120 billion of five years ago.

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He said "prices for farm products are plunging from already very low levels", and called for a support program to mitigate the damage "for years to come".

Though details remain sketchy, it seems too soon to call this a truce in the trade war-more like an agreement to stop further escalations of the conflict, at least for now, in the hopes that a truce can be worked out.

The EU, China, and Canada have hit billions of United States goods with tariffs in response, causing the White House on Tuesday to propose $12 billion in emergency aid to farmers hurt by such retaliatory measures.

About one out of every three rows of USA soybeans is shipped to China, according to estimates. But the taxes also exact a toll on US businesses and consumers, which pay more for imported products. The Department of Agriculture will determine the payment to each farmer based on the size of a crop multiplied by a specific subsidy rate.

"They're going to be a massive buyer of LNG, so they'll be able to diversify their energy supply", Trump said of Europe.

China cancelled almost $140 million in soybean contracts at the end of June, according to USA lawmakers.

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