Trump plans $16 billion bailout to farmers hurt by China trade war, USDA Secretary Sonny Perdue says

[mahatmakanejeeves]

Source: CNBC

POLITICS
Trump plans $16 billion bailout to farmers hurt by China trade war, USDA Secretary Sonny Perdue says
PUBLISHED 2 HOURS AGO UPDATED AN HOUR AGO

Christina Wilkie
@CHRISTINAWILKIE https://twitter.com/christinawilkie

Jeff Daniels
@JEFFDANIELSCA https://twitter.com/jeffdanielsca

KEY POINTS
* President Trump is expected to unveil a $16 billion aid package for American farmers who have been hurt by the U.S. trade war with China.
* Agricultre Secretary Sonny Perdue says the aid package would come from the tariffs being collected by the Treasury.
* Tariffs on Chinese goods have been paid almost entirely by U.S. importers, according to the IMF.

The Trump administration is about to unveil its latest aid package for American farmers who have been hurt by the U.S. trade war with China.

Agriculture Secretary Sonny Perdue confirmed Thursday the plan's centerpiece would be a $16 billion aid program intended to help ease the impact of decreased agricultural purchases from China, one of the consequences of the trade war with Beijing.

Speaking on Fox Business Network on Thursday, Perdue said the aid package would come from the tariffs being collected by the Treasury. Tariffs on Chinese goods have been paid almost entirely by U.S. importers, according to a new International Monetary Fund study, and the costs are then passed on to U.S consumers.

President Donald Trump was scheduled to deliver remarks about U.S. farmers later Thursday.
....

Read more: https://www.cnbc.com/2019/05/23/trump-to-give-16-billion-to-farmers-hurt-by-trade-war-sonny-perdue.html

---

Hat tip, the Washington Post. It's behind a paywall for a lot of people here.

Trump administration to unveil new $16 billion aid package for American farmers hit in trade war

https://www.washingtonpost.com/business/2019/05/23/trump-administration-unveil-new-billion-aid-package-american-farmers-hit-trade-war/

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"Agricultre Secretary Sonny Perdue says the aid package would come from the tariffs being collected by the Treasury."

In other words, me.

[Achilleaze]

1. KGOP repubes are using our tax $ as welfare for Chem-GMO-corporate Ag, Incs.

This is one of the slickest and sickest republican welfare-for-corporations CON jobs ever forced down America's throat.

[Doodley]

2. So now Trump likes socialism.

[no_hypocrisy]

3. Who has control over Tariff money?

A) Congress/The House,
B) The Dept of Agriculture, or
C) Trump

[mopinko]

7. that's what i keep asking. how the fuck do they appropriate $$$

no matter where it comes from, the president doesnt get to just dole out millions w/o congress.
wtf isnt anyone even bringing this up?

[murielm99]

19. Yesterday, he said he would not work with

Democrats unless they stop investigating him. Since the appropriations would have to originate in the House, there will be no way to raise the money to give to the farmers. They have not raised the money for the first promises he made to farmers, let alone this new blather his is promising.

There will be no bailout for farmers. Will they remember that in the fall, when they have to get a crop in out of the ground, or when they go to the polls? There will be no bailout! And before you start bitching about farmers, I am one.

[mopinko]

23. checks have been cut.

i believe the first tranche is almost all distributed.

[murielm99]

24. We have not gotten any money.

I don't know anyone who has.

[mopinko]

27. mostly big farms. you had to apply.

i know chuck grassley got a big check.

[murielm99]

20. I wish I knew what is going on with this.

I looked at the link provided in post #16. I don't see how this tariff money can be used directly by USDA. This is smoke and mirrors.

If someone knows, please enlighten me.

[left-of-center2012]

4. Trump keeps saying the Chinese will pay the tariffs

Last edited Thu May 23, 2019, 02:29 PM - Edit history (1)

NO!

Americans buying goods made in China will pay through higher prices on the goods.

[Pluvious]

12. Actually, China still buys our TBILLS, so in a way they will be helpful

Since the US Government's budget is in the red, we'll be borrowing the funds to pay the farmers for the rotting silos of crops.

But the good news is...

WE ARE REALLY STICKING IT TO CHINAH !!

USA !!
USA !!

[C_U_L8R]

5. So the rest of us pay double for his screwups

[JohnnyRingo]

6. Buying votes.

Cripple farmers with bad policy, then bail them out with money stolen elsewhere. Trump 2020.

[gademocrat7]

8. Absurd.

He is an utter failure. Does not have any understanding of tariffs. Just robbing us blind. I thought Congress controlled the purse strings.

[NewJeffCT]

9. How much of this $16 billion will go to

China and Brazil?

[nykym]

10. So essentially we are getting F*cked twice

One when the tariffs are used to bail out the farmers (They should get some compensation for tRumps tariff boondoggle).
Then again when the price of farm goods goes up because of the tariffs and supply shortages because of the tariffs.

[watoos]

11. Hey Republicans

Our debt is 22 trillion and our deficit is at least 1 trillion per year.

Democrats need to hold a press conference.

[yaesu]

13. So, we are in debt to china for 1.13 trillion dollars

they could dump treasury notes and sink the USS Titanic in a heartbeat.

[at140]

29. China will lose 10 million manufacturing jobs

If tariff war gets hot. China is too clever to get Tangled in a tariff war with US. They will just wait it out until Trump is out of office. Because Americans have always caved before.

Just watch, China will prolong tariff negotiations past election in 2020. N Korea and China & even Mexico will win the trade deal in the end. They all have patience, we don't. Trade deficits are never going to end, not in my lifetime.

[yaesu]

30. They are right now preparing for that per news yesterday, the long march II

https://www.msnbc.com/stephanie-ruhle/watch/china-s-xi-warns-of-long-march-in-trade-war-60109893809

[at140]

31. I grew up in South Asia and

Know the people and mentality like the back of my hand.

[Hotler]

14. More big government give away. nt

[Bernardo de La Paz]

15. Taxpayer buyoff to tRump base for his re-election campaign. . . . nt

[mahatmakanejeeves]

16. "... Here is our program to support farmers...."

.@POTUS has great affection for America’s farmers and he knows they are bearing the brunt of these trade disputes. Here is our program to support farmers while @POTUS fights to get better trade deals with China and other nations around the world:

Link to tweet

[SunSeeker]

17. More socialism for the rich. nt

[IndyOp]

18. Will believe it when I see it. (n/t)

[beachbum bob]

21. Republican socialism

[MineralMan]

22. Congress must approve this expenditure. But Trump says he won't work wit Congress.

[jmowreader]

25. I have a better idea

End the fucking trade war, make nice with China's commodities buyers and save $16 billion in welfare payments to our farmers. I have this strange feeling they'd much rather sell their crops than get aid payments for not being able to sell them.

[mahatmakanejeeves]

26. 🚨 BREAKING: USDA announces support for farmers impacted by unjustified retaliation and trade disrup

🚨 BREAKING: USDA announces support for farmers impacted by unjustified retaliation and trade disruption

Link to tweet

You made it justified, you disrupted trade.

This is like Obama single handedly crashing the economy in 08 and then bailing it out and saying, you’re welcome.

Link to tweet

The simile has me just a little confused.

[djacq]

28. Tax Payers will be funding Trump's stupid Trade War.

[paleotn]

32. OK....

And what are they going to do in 2020 when the Chinese buy soybeans from a more stable suppliers in Brazil and elsewhere? More bailouts? How about 2021? 2022? Get the picture? Foreign markets for American commodity crops that took decades to build are now destroyed. I wouldn't do business with us either.