Trump claims 'tariffs are the greatest' amid trade war

Trump Tapping $12B to Help Farmers Affected by Tariffs

The administration is expected to roll out the plan Tuesday afternoon, a source familiar with the matter confirmed to CNN, offering much-needed support to farmers caught up in the burgeoning trade war.

"Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs", Mr. Trump wrote.

What's the background on the tariffs?

The Trump administration has slapped tariffs on $34 billion in Chinese goods in a dispute over Beijing's high-tech industrial policies.

About one out of every three rows of US soybeans is shipped to China, according to estimates.

The imposition of punishing tariffs on imported goods has been a favoured tactic by Trump, but it has prompted USA partners to retaliate, creating risks for the economy. This caused the price of sorghum to drop significantly, and forced ships full of sorghum heading to China to change course.

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

Canada, Mexico and the European Union also struck back at Trump's leveling of USA steel and aluminum tariffs by hitting United States exports of agriculture products and other heavily exported U.S. goods. These steel tariffs have caused the price of steel to jump significantly, which in turn has caused the price of farm equipment to also rise.

More news: What Did President Rouhani Say?

President Trump's tariff threats against China, Canada, Mexico and the European Union prompted immediate threats of retaliation. They say the industry does not want handouts, but trade deals that will allow exports to grow.

Exports now account for about 20% of farm income in the U.S., but farmers worry the escalating tariffs will reduce demand for their goods.

Where is the $12 billion coming from?

Mr Trump has said his tariffs - which he described in a Tweet as "the greatest" - are meant to pressure countries to change their policies toward U.S. exports. "All will be Great!" he concluded. He added that, "Tariffs are taxes".

U.S. agriculture exports have been a prime target of China and other countries that have retaliated against the series of tariffs Trump has imposed in recent months.

A number of White House officials, who have been apprehensive about Trump's use of tariffs, had hoped that other countries would quickly offer concessions before things escalated further.

But the plan magnified objections among many Republicans that the tariffs amount to taxes on American consumers.

Sen. Ben Sasse (R-Neb.) was even more scathing in his response to this move. "Farmers need contracts, not compensation, so they can create stability and plan for the future", said the group's executive director, Brian Kuehl.

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