Trump threatens more tariffs on US trading partners

Trump Tapping $12B to Help Farmers Affected by Tariffs

Trump Tapping $12B to Help Farmers Affected by Tariffs

As just one example of how farmers are impacted, China used to import $1 billion worth of American-grown sorghum annually, which made up 77 percent of all USA sorghum exports.

Earlier Tuesday, the president praised tariffs in a tweet.

While promoting the worldwide negations, Mr. Trump praised his hard-line trade strategy, saying slapping tariffs if the U.S.is treated unfairly is "simple". "It's as simple as that - and everybody's talking!" he wrote on Twitter. Sasse released a statement saying "This trade war has been cutting the legs out from under farmers and White House's "plan" is to spend $12 billion on gold crutches".

"Tariffs are not great", Toomey told CNBC, echoing Ryan.

Summit Agricultural Group CEO Bruce Rastetter on the impact of tariffs on American farmers. This has more to do with oversupply than the tariffs, though. After Trump hit China with tariffs, they responded with a 179 percent retaliatory tariff on us sorghum.

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Soybean farmers have also been hurt by falling soy prices tied to these tariffs. Those affected economies have in turn targeted US agricultural products, including soybeans, dairy, meat, produce and liquor. After $34 billion in tariffs against China went into effect earlier this month, China responded with its own equivalent tariffs soon after, targeting USA agricultural products including soy, corn, wheat, pork, poultry and more.

Speaking at the Heritage Foundation, Johnson said these trade disputes "could just totally run out of control" and likened them to "throwing a hand grenade of uncertainty" into the economy.

In June when U.S. Secretary of Commerce Wilbur Ross announced the U.S. would be levelling a 25 per cent steel tariff and 10 per cent tariff on aluminum against Canada among other countries, he cited section 232 of the U.S. Trade Expansion Act, which handles trade matters considered a threat to national security.

Trump has slapped tariffs on billions of dollars' worth of imports, and has shown few signs of slowing.

To date, every time that the Trump administration has imposed a tariff on China, China has imposed an equal tariff on US goods.

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