(Arlington, VA) – Today the administration is expected to announce a $12 billion bailout package to provide limited relief to farmers and agricultural interests impacted by the current trade war. The assistance will reportedly come from direct assistance, a food purchase and distribution program, and a trade promotion program. This move comes as American manufacturers reduce their projected earnings due to tariffs, and as meat stockpiles in the U.S. grow to record levels due to lost export opportunities.
Daniel Garza, President of The LIBRE Initiative, released the following statement:
“If they’re given a chance, America’s workers and businesses can compete with anyone in the world. Unfortunately, policymakers in Washington and abroad are now engaged in a trade war that imposes taxes and penalties that put them at a disadvantage against foreign competitors. The administration says these measures are needed to open markets to U.S. exports, but so far, all we are feeling is the pain and history has proven that the adoption of such protectionist policies are deeply misguided and economically damaging. Using tariffs to artificially protect and benefit private businesses, and using scarce taxpayer dollars to compensate workers hurt by Washington’s own trade measures, are not economically responsible strategies.
“Leaders in Washington need to make it a priority to reduce trade barriers – here and abroad. That will require a clear plan to engage with our trading partners – in a multilateral way where necessary – and to roll back the taxes that Washington has imposed on American consumers in recent months. When Washington gets out of the way of American workers and businesses, we are all better off.”