Trump seeks new $15 billion in bailouts to protect farmers from his own trade war in addition to $12 billion already esrmarked

President Donald Trump is seeking an additional $15 billion in U.S. subsidies in an effort to protect farmers from the devastating impact of his trade war with China. That’s on top of $12 billion already earmarked for the farmers to help them weather the fallout.

That would be an additional bill for U.S. taxpayers already shouldering the cost of increased tariffs in the form of higher costs for products and parts from China.

Trump revealed the subsidy figure in a tweet Friday. He suggested the government use the funds to buy agricultural products to ship to other nations for humanitarian aid, though setting up such a system would be extremely complicated. In his most recent budget proposal.

The president appeared to dismiss the impact of the cost as he falsely claimed — again — that “massive” tariff payments are being paid by China “directly” to the U.S. Treasury, which would presumably be used to cover the cost of the subsidy. There is “absolutely no need to rush” to negotiate a deal with China, he tweeted.

In fact, the tariffs are paid by U.S. importers, who pass on the extra costs to the American consumer in the form of higher prices for products, a fact White House economic adviser Larry Kudlowadmitted Sunday. Economists have estimated that the trade war is costing the U.S. more than $3 billion a month.


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