U.S. to give farmers $12bn trade war bailout

Trump had previously directed Agriculture Secretary Sonny Perdue to explore options to mitigate financial losses U.S. farmers are suffering as trade tensions between the U.S. and other countries heat up.

Agriculture officials say the plan will not require congressional approval.

The Trump administration will reportedly give $12 billion in aid to farmers hurt by the tariffs. "Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs", Trump wrote on Twitter Tuesday.

The Agriculture Department is expected to announce a $12 billion emergency aid package to help farmers affected by tariffs on their crops, CBS News confirmed Tuesday, according to a source familiar with the assistance that will be extended.

They include such iconic American brands as Campbell Soup and Lockheed-Martin - which will have a model F-35 fighter jet on the White House lawn - to obscure manufacturers who make wine, brooms, horseshoes and animal feed.

In response to steep tariffs imposed by the Trump administration, China has responded with tariffs of its own on American goods. Trump has threatened to ratchet that up to more than $500 billion, a move that has left financial markets uneasy.

The imposition of punishing tariffs on imported goods has been a favored tactic by Trump, but it has prompted USA partners to retaliate, creating risks for the economy.

President Donald Trump arrives for a tour during a "Made in America Product Showcase" at the White House, Monday, July 23, 2018, in Washington.

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President Trump's tariff threats against China, Canada, Mexico and the European Union prompted immediate threats of retaliation.

"These countries have been ripping us off for decades", he said.

The Agriculture Department is announcing a $12 billion "short-term" plan to help US farmers hurt by retaliatory tariffs.

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The president is meeting with European Commission President Jean-Claude Juncker on Wednesday.

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.

Soy prices have fallen particularly hard in the past few months, though Trump has tried to deflect blame and promised to somehow take care of these farmers, many of whom are from politically crucial states like Iowa and Wisconsin.

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