Trump Seeks Additional Bailout Money For Farmers Harmed By His Trade Wars
President Donald Trump is asking to provide American farmers an additional $15 billion in subsidies on top of the $12 billion already reserved for the agricultural workers devastated by Trump’s trade war with China, the Huffington Post reports.
The burden would fall on U.S. taxpayers already bearing the costs of more expensive products from the tariffs on China.
Trump announced the subsidy in a tweet on Friday. “If we bought 15 Billion Dollars of Agriculture from our Farmers, far more than China buys now, we would have more than 85 Billion Dollars left over for new Infrastructure, Healthcare, or anything else,” he said. “China would greatly slow down, and we would automatically speed up!”
Trump also posed the possibility of the government buying domestic agricultural products to donate to nations for humanitarian aid, though creating such a system would require a significant amount of time and resources. And, according to Politico, Trump’s most recent budget proposal suggests completely scrapping three food aid programs.
Trump ignored the fact that tariffs imposed on China are largely being paid for by U.S. consumers, claiming once again that “massive” payments from China are being “directly” sent to the Treasury, allowing the U.S. to cover the agricultural subsidy’s cost.
“Talks with China continue in a very congenial manner - there is absolutely no need to rush - as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products. These massive payments go directly to the Treasury of the U.S.,” he tweeted.