tariffs

President Trump boasts that his trade policies are bringing back the steel industry, but recent corporate earnings reports make clear that they're also hurting the bottom line at many manufacturing companies.

"We're putting our steel workers back to work at clips that nobody would believe, right?" Trump asked the crowd at an Aug. 1 rally in Pennsylvania.

Major American steelmakers have reported higher-than-expected revenue in the second-quarter, thanks in part to Trump's 25 percent tariffs on imported steel.

Ohio Farmers Brace For Escalating Trade War

Aug 9, 2018
tractor in farm field
Jean Beaufort / Public Domain Pictures

The trade war that's already squeezing Ohio farmers is ratcheting up another notch.

In response to the Trump administration announcing $16 billion in new tariffs against China on Tuesday, Chinese trade officials on Wednesday promised to retaliate with their own tariffs.

U.S. Department of Agriculture / Flickr

The Trump administration announced last week that it will provide $12 billion in aid to farmers negatively impacted by his administration’s tariffs. U.S. farmers exporting their products to China and other nations have seen a loss of business after the cost of U.S. agriculture imports have risen.

Governor John Kasich criticized Trump’s plan to bailout farmers impacted by the White House’s tariffs. He said it’s “terrible, terrible policy,” because the bailout adds to the nation’s deficit. 

House Republicans confronted two of President Trump's top economic advisers on trade on Thursday, while also breathing a sigh of relief after the administration's decision to begin easing tensions with Europe a day earlier.

Pablo Martinez Monsivais / Associated Press

Despite his backing of tariffs against China, Sen. Sherrod Brown (D-Ohio) is holding off his support of President Donald Trump’s plan to give struggling farmers $12 billion in aid.

Kasich Blasts Trump Over Trade Policy Hurting Farmers

Jul 26, 2018
Bryan Bush, a corn and soybean farmer from Edison, Ohio, poses for a portrait after an interview at the Ohio State Fair, Wednesday in Columbus.
John Minchillo / AP

Ohio's Republican governor on Wednesday helped open the Ohio State Fair by blasting President Donald Trump's trade battles, which have left some farmers feeling less than festive amid the funnel cakes and butter sculptures.

Updated at 6:54 p.m. ET

President Trump and European Commission President Jean-Claude Juncker said Wednesday that they have agreed to work toward removing all trade barriers between the two sides.

In a Rose Garden announcement, Trump said the EU had also agreed to buy U.S. soybeans, a day after he announced a $12 billion bailout package for farmers hit by retaliatory tariffs. Trump said the EU will also become a "massive buyer" of U.S. liquefied natural gas.

Ohio U.S. Senator Rob Portman
J. Scott Applewhite / Associated Press

Sen. Rob Portman (R-Ohio) says he would like to see an end to trade disputes with China, but says Trump’s decision to provide $12 billion in subsidies to American farmers might be a good short-term solution to trade shortfalls.

The Trump administration is coming to the aid of farmers hurt by its own hard-line trade policies, announcing Tuesday that it will make an estimated $12 billion in government assistance available, including direct payments to growers.

The money comes after farmers, especially soybean growers, have felt the brunt of retaliatory tariffs placed on agriculture by China and other nations that the Trump administration has penalized with tariffs on imports.

President Trump threatened to impose tariffs on every product imported from China, dialing up the pressure in the growing trade dispute between the world's two economic superpowers.

In an interview with CNBC broadcast this morning, Trump said, "We're down a tremendous amount," referring to the trade imbalance between the U.S. and China. "I'm ready to go to 500."

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