On Tuesday, the American Soybean Association demanded a "a longer-term strategy to alleviate mounting soybean surpluses and continued low prices, including a plan to remove the harmful tariffs".
"This is a short-term solution that will give President Trump and his administration time to work on long-term trade deals that benefit agriculture and all sectors of the economy", US Agriculture Secretary Sonny Perdue said. The aid package does not require Congressional approval, but it could be another month before it kicks in.
The assistance programs for farmers affected by tariffs will officially roll out in September.
Earlier on Tuesday, Nebraska Sen.
Other Republican senators criticized the bailout plan in remarks to reporters. "This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again".
"About one in every three rows of soybeans we raise is exported to China they account for about 60% of the United States exports of soybeans are a big deal but pork has been greatly impacted as well by reduction in exports to China and through NAFTA to Mexico most of our meat and livestock products, dairy and beef as well, impacted a lot", Ag Expert Kent Thiesse added. Fall is the biggest season for American soybean farmers.
This turmoil over tariffs is just the latest to hit struggling American farmers. This caused the price of sorghum to drop significantly, and forced ships full of sorghum heading to China to change course. As a result, USA wheat exports to Mexico fell 38 percent in the first five months of this year, according to Reuters. After Beijing retaliated in kind, Washington announced levies on an additional $200 billion worth of products and threatened more, targeting potentially all of China's exports to America - including flags. "The real resolution is getting to agreement and getting these trade issues solved". Iowa Congressman Steve King said in a statement: "I applaud the Administration for taking this needed action, and I am confident those involved are all working diligently to open China's markets".
The Trump administration has unveiled a $12bn (£9.1bn) plan aimed at helping USA farmers hurt by the intensifying trade war.
"When people have bank loans to pay and they have to make the payment for next years product next years seed, next years fertilizer, it certainly helps with their cash flow situation if that program does get done quickly", he said.
Trump said separately during a speech in Kansas City that "farmers will be the biggest beneficiary" of his trade agenda as he seeks better trade agreements. However, we are extremely concerned about the threat of automotive tariffs. "USDA will not stand by while our hard-working agricultural producers bear the brunt of unfriendly tariffs enacted by foreign nations". "Tariffs are the greatest!"
In 1930, the USA raised tariffs dramatically to protect American industry, encouraging other countries to do the same in a global trade war that made the Great Depression worse. It's as simple as that - and every body's talking!