Trump assures farmers he has their back amid mounting trade war

U.S. President Donald Trump meets with President of the European Commission Jean Claude Juncker in the Oval Office at the White House in Washington

European Union Commission President Jean-Claude Juncker (zhahn-KLOHD' YUN'-kur) is telling President Donald Trump that the E.U. and U.S. are partners and allies, "not enemies", and must work together at the start of trade negotiations between the two major economies.

Last week, Mr. Trump threatened "tremendous retribution" if his meeting with the European Union officials doesn't lead to what he considers to be a fair auto-trade deal.

Trump notes the two continents together make up more than 50 percent of the world's trade.

On Tuesday, the U.S. administration was forced to promise a $12bn aid plan to subsidise farmers who have been hit by retaliatory tariffs imposed China and the EU.

Trump warned his audience "what you're seeing and what you're reading is not what's happening", and that "farmers will be the biggest beneficiary" of his implementation of tariffs.

Whilst the European Commission President vowed Europe and the United States will work as allies to reach a deal that will benefit both sides.

Trump tweeted on Tuesday morning, saying "t$3 ariffs are the greatest!" and that other nations would have to negotiate better trade deals with the United States or be hit by additional tariffs. He said he also sees it as an ploy to gain support ahead of the mid-term elections.

The fear is that Trump will next impose tariffs on European Union vehicle exports, escalating the dispute. McConnell told reporters afterward it was "pretty much a routine meeting" over the administration's legislative agenda.

The move is an effort to insulate food producers from looming financial losses that would be a direct result of the president's trade policies.

Their meeting will focus on "a wide range of priorities, including foreign and security policy, counterterrorism, energy security and economic growth", according to the White House. The administration has looked at another $200 billion in possible targets for tariffs.

Farmer groups welcomed the assistance, but with a catch: They'd like a resolution of trade disputes.

Trump did ask about the confirmation process for Supreme Court nominee Brett Kavanaugh, McConnell said.

"So just in that market alone I think the U.S. is very exposed".

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The Trump administration is preparing a plan to provide billions of dollars in emergency aid to farmers who have been hurt by tariffs.

"Profitability is a major concern for Illinois corn farmers and declining commodity prices certainly aren't helping the bottom line", said Illinois Corn Growers Association President Aron Carlson, a farmer from Winnebago, Ill. But, Xi said, it should not be discarded "as long as it is rule-based, aims to be equitable and pursues win-win outcomes as its goals".

Mr Kirchner said it was a clear indication that Donald Trump was digging in when it comes to imposing tariffs.

In addition to the direct impact of tariffs on American farm products, farmers have also been hurt by US tariffs on foreign steel imports.

The U.S. has also imposed tariffs on $34 billion in Chinese products and threatened tariffs on $500 billion more in goods. "This proposed action would only be a short-term attempt at masking the long-term damage caused by tariffs".

Despite Trump's boasts of "winning" his trade wars with multiple countries, many Trump-supporting farmers across the country have been sounding the alarm that they will be badly hurt by retaliatory tariffs on American soybeans.

"I firmly believe we need to either create more markets or be able to work it out with China because we are going to produce way too many soybeans for the markets that we have", he said.

"Tariffs are the greatest!" the president wrote on Twitter.

'Negotiations are going really well, be cool. We were being nice - until now!

To help reduce some of the pain inflicted by a burgeoning trade war between the US and its traditional economic allies, the Trump administration on Tuesday announced an aid package worth $12 billion for farmers who've been hurt by the tariffs.

In a statement, Cramer welcomed the assistance package but offered a caveat: "At the end of the day we want trade not aid". Administration officials deny that the plan is a bailout.

The negotiations at the White House came as Trump has touched off a series of trade disputes with global trading partners, including China, whom he accused earlier Wednesday of employing "vicious" tactics aimed at hurting American farmers.

The aid program will go into effect on September 4, right after Labor Day.

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