President Trump may be in for a star-spangled bungle - if his Chinese-made re-election banners are hit by his punitive tariffs. "Both the US and the European Union drop all Tariffs, Barriers and Subsidies!"
In Alaska, the Anchorage Daily News said China's retaliatory tariffs on USA exports, and the Trump administration's new tariffs on Chinese seafood, would cost American consumers and Alaska fisheries hundreds of millions of dollars. "Are they truly going to get us a solution that will make things better?"
They also said China's government-backed economy and its increasing shift toward automation and reliance on service industries mean that American workers would feel the pain of a full trade war before Chinese businesses do. He wrote: "Negotiations are going really well, be cool".
White House officials hope it will temporarily quiet some of the unease from farm groups, but the new plan has already been criticized by some lawmakers, including Republicans, who believe the taxpayer-funded bailouts amount to welfare for farmers in a trade war caused by Trump's decision to place tariffs on steel imports. The Trump administration said Tuesday it would offer $12 billion in emergency funding for farmers hurt by the trade tiff - though even that plan drew scorn in local media. He grows about 25,000 bushels of soybeans a year, so if the price goes down $2, that costs him around $50,000.
The measures are a response to an estimated $11 billion in "trade damage from unjustified retaliation", the agency said. The administration clobbers farmers with an unnecessary trade war then attempts to assuage them with taxpayer handouts. The US and the European Union have been lobbing new tariffs on products since Trump announced earlier this year tough new levies on steel and aluminum exports.
Trade damage from such retaliation has impacted a host of U.S. commodities, including field crops like soybeans and sorghum, livestock products like milk and pork, and many fruits, nuts and other specialty crops, it said.
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American farmers depend on being able to sell overseas, and tariffs make what they produce more expensive.
The program is expected to start taking effect around Labor Day. China purchased $100 million of Washington cherries a year ago, Sandison said. The US trade deficit with China in 2017 came in at $375.6 billion, according to Census Bureau data, though adding that figure to this year's data through May comes out to about $528 billion.
Sen. Pat Toomey, R-Pa., said the Agriculture Department was "trying to put a Band-aid on a self-inflicted wound".
Chinese President Xi Jinping (shee jihn-peeng) says the world faces "a choice between cooperation and confrontation" in remarks that criticized escalating USA tariffs on goods from China and other major trading partners.
General Motors has told the commerce department that, despite Trump's assertion that tariffs would help American companies and American workers, it expects tariffs to result in "less investment, fewer jobs and lower wages".
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