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FACT FOCUS: Trump blames Biden for the agricultural trade deficit. It's not that simple

FACT FOCUS: Trump blames Biden for the agricultural trade deficit. It's not that simple

As President Donald Trump announced a $12 billion farm aid package this week to help U.S. farmers hurt by tariffs, he placed responsibility for the U.S. agricultural trade deficit on former President Joe Biden

GOP Lawmakers Urge President Trump for Aid to Agricultural Equipment Manufacturers Amid Tariff Strain

GOP Lawmakers Urge President Trump for Aid to Agricultural Equipment Manufacturers Amid Tariff Strain

Republican lawmakers are appealing to President Trump for additional relief for agricultural equipment manufacturers affected by his tariff policies. Despite a $12 billion bailout already provided to farmers, the tariffs have significantly impacted their financial stability, particularly those relying on exports to countries like China. This situation has led to reduced demand for new equipment, causing layoffs at major manufacturers such as Deere. Cory Reed, president of Deere's agriculture and turf division, highlighted the pressure on the U.S. market due to trade flow disruptions and rising internal costs. Kip Eideberg from the Association of Equipment Manufacturers expressed concerns over high tariffs on essential parts that cannot be sourced domestically, which could increase costs for farmers and ranchers. Lawmakers, including Senator Chuck Grassley and Senator John Hoeven, have raised these issues with the administration, urging for targeted relief and the removal of tariffs on specific farm machine...

Canada's Ambassador to the U.S. Resigns Ahead of Free Trade Agreement Review

Canada's Ambassador to the U.S. Resigns Ahead of Free Trade Agreement Review

Canada's ambassador to the United States, Kirsten Hillman, announced her resignation, effective next year, as the United States-Mexico-Canada Agreement (USMCA) is set for review in 2026. Hillman, who has served as ambassador since 2019, was the first woman to hold this position. She played a significant role in trade negotiations during President Trump's first term and worked on diplomatic efforts, including the release of two Canadians detained in China. Her resignation comes as Canada prepares for the upcoming review of the USMCA, a critical trade agreement that exempts most Canadian exports to the U.S. from tariffs. Canadian Prime Minister Mark Carney praised Hillman for laying the groundwork for the review, while U.S. Ambassador to Canada Pete Hoekstra commended her contributions to the bilateral relationship.

Treasury Secretary Bessent Predicts 3% GDP Growth Amid President Trump's Economic Tour

Treasury Secretary Bessent Predicts 3% GDP Growth Amid President Trump's Economic Tour

Treasury Secretary Scott Bessent has forecasted that the United States will achieve a 3% real GDP growth by the end of the year. This announcement comes as President Trump is preparing for a national tour to highlight his administration's economic achievements ahead of the 2026 midterm elections. The administration claims to have inherited economic challenges, which they are addressing through deregulation and investments in energy and artificial intelligence. Additionally, President Trump has announced a $12 billion bailout for U.S. farmers, particularly soybean producers affected by trade negotiations with China. The administration is also proposing measures such as tariff rebates and long-term mortgages to address economic disparities.

Treasury Secretary Bessent Divests Soybean Farmland Amid Trump Administration's Farmer Aid Announcement

Treasury Secretary Bessent Divests Soybean Farmland Amid Trump Administration's Farmer Aid Announcement

Treasury Secretary Scott Bessent has divested his holdings in North Dakota soybean farmland as part of an ethics agreement. This move comes as the Trump administration prepares to announce a $12 billion aid package for American farmers affected by trade tensions with China. Bessent, who has been involved in trade negotiations with China, stated that he felt the impact of the trade war personally, having previously identified as a soybean farmer. The divestment was required under an ethics agreement due to his role in the administration. The aid package aims to support farmers who have been hit hard by China's increased tariffs on U.S. soybeans, a response to tariffs imposed by President Trump on Chinese goods.

Trump to unveil $12 billion aid package for farmers hit by trade war

Trump to unveil $12 billion aid package for farmers hit by trade war

By Steve Holland and Leah Douglas WASHINGTON, Dec 8 (Reuters) - U.S. President Donald Trump will unveil a $12 billion aid package for American farmers affected by his trade policies on Monday, two White House officials said.

President Trump Considers Kevin Hassett for Federal Reserve Chair Amid Investor Concerns

President Trump Considers Kevin Hassett for Federal Reserve Chair Amid Investor Concerns

President Trump has indicated a potential nomination of Kevin Hassett, the current National Economic Council Director, as the next Federal Reserve Chair. This development follows months of speculation about who will succeed Jerome Powell. The announcement has caused unease among investors, who fear that Hassett, a long-time ally of Trump, might prioritize the President's demands over the Federal Reserve's independence in setting interest rates. The 10-year Treasury yield increased by 11 basis points following reports of Hassett being the frontrunner. Investors are concerned that Hassett might push for lower borrowing costs to align with Trump's economic strategies, potentially compromising the Fed's autonomy. The situation is further complicated by the potential reshuffling of Trump's economic advisers, including the possibility of Treasury Secretary Scott Bessent taking on dual roles.

Treasury Secretary Scott Bessent Clarifies Soybean Farm Ownership Amid Ethics Concerns

Treasury Secretary Scott Bessent Clarifies Soybean Farm Ownership Amid Ethics Concerns

During a recent appearance on CBS's 'Face the Nation,' U.S. Treasury Secretary Scott Bessent faced scrutiny over his claims of running a soybean farm. Host Margaret Brennan challenged Bessent's assertion, clarifying that he owned and invested in the farm rather than actively managing it. This exchange highlighted Bessent's recent divestiture of his $25 million farming holdings, a move required by an ethics agreement to prevent conflicts of interest. Bessent, a former hedge fund manager, had to divest his assets after the Senate Finance Committee raised concerns about potential conflicts with his role as a federal official. Despite the divestiture, Bessent attempted to emphasize his agricultural knowledge, claiming to be more informed about agriculture than any treasury secretary since the 1800s.

President Trump Announces $12 Billion Relief Package for Farmers Amid Tariff Challenges

President Trump Announces $12 Billion Relief Package for Farmers Amid Tariff Challenges

President Donald Trump is set to announce a $12 billion relief assistance package aimed at supporting American farmers affected by his administration's tariff policies. The announcement, expected to be made at a roundtable event with farmers and key officials, comes as the agriculture sector faces significant challenges due to tariffs, particularly those impacting soybean producers. The relief package includes $11 billion allocated to the Agriculture Department's new Farmer Bridge Assistance program, designed to aid crop farmers, with an additional $1 billion for commodities not covered by the program. This move follows a period of increased financial strain on farmers, with a notable rise in bankruptcy filings. The tariffs have led to a decrease in U.S. soybean sales, as China, a major importer, halted purchases in response to the trade policies. The relief package aims to mitigate these impacts and support farmers in navigating the current economic environment.

Bessent divests from soybean farmland ahead of Trump aid announcement for farmers

Bessent divests from soybean farmland ahead of Trump aid announcement for farmers

Treasury Secretary Scott Bessent says he has divested from his North Dakota soybean farmland

President Trump Announces $12 Billion Aid for Farmers Affected by Tariffs

President Trump Announces $12 Billion Aid for Farmers Affected by Tariffs

President Trump has announced a $12 billion aid package aimed at supporting American farmers who are facing financial difficulties due to tariffs. The tariffs, part of a broader trade conflict with China, have led to increased prices and slower sales, particularly affecting soybean farmers. This aid is intended to provide relief to those impacted by the trade war, which has disrupted traditional agricultural markets and created economic uncertainty for farmers across the United States.

Chinese Premier Highlights Economic Impact of U.S. Tariffs Amid Surging Trade Surplus

Chinese Premier Highlights Economic Impact of U.S. Tariffs Amid Surging Trade Surplus

China's Premier Li Qiang has expressed concerns over the negative impact of increased tariffs on the global economy, as China's trade surplus surpasses $1 trillion. Speaking at a forum in Beijing, Li noted that the tariffs, which have been implemented by various countries including the U.S., have significantly harmed global economic activities. Despite these challenges, China's trade surplus has grown, with exports to the U.S. declining by 29% in November compared to the previous year. However, this decline has been offset by increased exports to other markets. The trade tensions between the U.S. and China have eased slightly following a meeting between President Trump and Chinese President Xi Jinping, where they agreed to extend a truce on retaliatory measures.