Trump claims 'tariffs are the greatest' amid 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

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The Trump administration will reportedly give $12 billion in aid to farmers hurt by the tariffs.

AP Reporter Ken Thomas told Shepard Smith that Trump sees the possible subsidy as a "short-term way" to get the president more time to negotiate trade deals that will result in the benefits promised.

"Without prompt action, we could lose farmers and the rural businesses they support and depend on at an even more rapid rate".

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to USA national security, an argument that the European Union and Canada rejects.

That figure apparently refers to the USA trade deficit in goods alone last year, which hit $810 billion last year, while the total deficit including services was $566 billion.

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President Trump struck a trade deal Wednesday with the European Union, reaping significant concessions as top E.U. officials moved to avoid an escalating tariff war with the US, according to early reports.

The temporary aid is more of an admission by the president of the "huge impact" the trade war is having on farmers, said Mark Watne, president of the North Dakota Farmers Union, which has more than 45,000 members in the state. 'This administration's tariffs and bailouts aren't going to make America great again, they're just going to make it 1929 again'. The funds will go toward programs to assist farmers for losses associated with the tit-for-tat tariffs.

Trump said the two agreed "to work toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods".

He declared it a "very big day for free and fair trade".

After trade talks at the White House, President Trump and the European Commission President hold an impromptu joint appearance.

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Alaska Sen. Lisa Murkowski also bristled about singling out farmers who are already feeling the negative effects of Trump's escalating trade war with China and the European Union.

Shares of farm-related companies rose following reports of the financial assistance, which raised the prospect that farmers will have more to spend on tractors and other farm gear.

The plan for providing price supports, which don't need congressional approval, was rolled just two days before Trump is set to travel to Iowa, the top US soybean-producing state. Soybean futures for November delivery gained as much as 1.4 per cent to US$8.75 1/4 a bushel on the Chicago Board of Trade, the contract's highest since July 10.

Speaking Tuesday at a Veterans of Foreign Wars convention in Kansas City, Mo., before the aid was announced, Trump told supporters the United States has "just put up with" what he described as imbalanced tariffs.

Tuesday's announcement of the emergency aid comes less than four months before congressional elections in which the majority-Republicans, including some in farms states, find themselves vulnerable to Democratic Party challengers who are rising in the polls.

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"Tariffs are taxes that punish American consumers and producers", Kentucky Republican Senator Rand Paul wrote on Twitter.

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