Published: Tue, July 24, 2018
Business | By Pearl Harrison

Donald Trump: 'Tariffs are the greatest!'

Donald Trump: 'Tariffs are the greatest!'

China said it would retaliate, leaving even more US farm products at risk.

Tariffs levied by President Trump against traditional American economic partners like China and the European Union may hurt farmers in the short-term, but according to the CEO of the Summit Agricultural Group, the tariffs could ultimately help the agricultural sector. It allows the CCC to borrow up to $30 billion from the Treasury Department to "stabilize, support, and protect farm income and prices".

The funds will come through direct assistance, a food purchase and distribution program, and a trade promotion program.

"We're stopping the barriers to other countries. This should have taken place many years ago but, as the saying goes, better late than never!"

He promised to protect US workers and promote American industry after threatening to impose another $500 billion in tariffs on Chinese exports - a move expected to bring more Chinese retaliation against USA goods. Trade agreements with those countries have undermined the United States manufacturing base and led to a wave of job losses in recent decades, according to Trump.

Sen. Ron Johnson, R-Wis., said Tuesday he has heard from a number of businesses in his state that the primary beneficiaries of Trump's tariffs are overseas competitors that aren't being hit with higher prices on their materials.

Earlier Tuesday, the president praised tariffs in a tweet.

In a series of Twitter posts, he touted his strategy.

In a follow up tweet he reaffirmed the administration's tough stance on trade, explaining "either a country negotiates a fair deal - or gets hit with tariffs". "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again". It's as simple as that - and everybody's talking!

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.

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