How much trade relief was offered during Trump’s first trade war?

president Donald Trump He is scheduled to announce his tariff plans on Wednesday, but his administration is preparing to save American businesses bailing out of retaliatory tariffs from foreign governments.

Trump plans to reveal his tariff plans Wednesday afternoon as part of his “liberation day” event at the White House Rose Garden. Details surrounding these plans were in liquidity last week, but are expected to include mutual tariff plans that are consistent with tariffs on import duties facing US exporters. There are also wide and flat tariffs floating around.

Some countries already intend to retaliate against US tariffs, indicating they are spurring fear of escalating Trade wars Tit-for-Tat tariff hikes are here. These retaliatory tariffs are likely to target specific industries, and based on experiences in trade disputes from Trump’s first-term tariff promotion, the administration may step in to provide assistance to industries caught up in the crossfire of the trade war.

During Trump’s first term, China has targeted many US sectors with retaliatory tariffs, and agriculture is the most popular target. To help farmers deal with loss of access to established markets overseas, the USDA paid two rounds of trade aid.

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The nonpartisan Congressional Research Service pointed out in a report from the time that USDA’s Commodity Credit Corporation provided a total of $28 billion. Trade assistance for farmersIt includes $12 billion in 2018 and $16 billion in 2019. Remuneration rates are determined based on the affected products using the 2017 production level, and eligibility is based on the applicant’s income level and how much of that income comes from farming, ranching, or forestry-related activities.

Agriculture Secretary Brook Rollins said on Monday that the USDA is preparing to support the agricultural sector once again if retaliatory tariffs target the industry. Iowa Capital Dispatch.

“Hopefully, our farmers and our AG community will not be hurt by these decisions, at least in the short term,” Rollins said. “But if that’s the case, the President’s commitment is the same as five or six years ago. And we ensure that we work in Washington with our USDA and Congress partners and secure a program to do what we last did (Comodity Credit Corporation).

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Clark Packard, a researcher at the Herbert A. Stiefel Center for Trade Policy Research at Cato Institute, told Fox Business to foreign countries. Retaliation Tariff Given that the industry is a politically important industry for the president, it could potentially refocus on agricultural exports.

“We expect that most of the retaliation, or a lot of retaliation, will attack American produce for multiple reasons. We export a large amount of produce. We are really good and efficient at producing produce, but we are also a politically sensitive industry for the president,” Packard said.

“So, in some respects, these will be games. Retaliation is highly calculated. Canada has seen “attack Tesla with retaliation tariffs if it faces tariffs.” Elon Musk And the president said, “We’re not only seeing how the country responds, but once again I expect a lot of retaliation to fall into farming.”

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Packard added that the scale of new trade relief for farmers and other affected industries “is likely to depend on the extent of foreign retaliation.”

Ryan Young, a senior economist at the competitive enterprise research institute, joins the FOX business Trade relief Trump’s first term programme did not widely support other affected sectors beyond agriculture, but the administration was able to find other ways to use the law to provide assistance beyond trade assistance programs.

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“We are unaware of the assistance given to other retaliatory tariff victims, such as Harley-Davidson, distillation spirit makers and other industries,” Young said. “Many businesses received assistance from Biden-era bills, including the Chips Act, the Inflation Reduction Act, the Inflation Reduction Act, the Infrastructure Bill and other large spending bills, but most of them were not necessarily tariff-related.