Retaliatory tariffs on goods like soybeans, pork, and beef have hit farmers’ bottom lines in key electoral states like Wisconsin, North Carolina, Ohio and Iowa.
Trump praised his administration’s tariff policy on Tuesday in an early morning post on Twitter.
“Tariffs are the greatest!” he wrote. “Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs.”
The post met with some pushback from lawmakers, including Sen. Pat Toomey, R-Pa., a member of the Senate’s banking and finance committees.
“Tariffs are not great,” Toomey told CNBC Tuesday. “They are taxes, paid by Americans, that harm consumers, workers, and companies.”
A leading figure in farming circles painted a dire picture of the industry while the trade war escalates, even with aid on the way.
“Right now it’s looking bleak for farming,” said Joe Steinkamp, a corn and soybean farmer from Evansville, Ind., and a director on the board of the American Soybean Association.
He said things are so tough in the industry there’s a risk of farmers exiting the business – while also expressing concern about government involvement.
“I knew they were going to do something for the benefit for farmers. Obviously, [the administration thinks] it will be a medium- to long-term fix to get the trade dispute with China figured out,” Steinkamp said. “But I am always scared when the government is helping us out rather than doing positive things for trade.”
CNBC’s
Eamon Javers
,
Brian Schwartz
and
Jeff Daniels
contributed to this article.
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