President Donalad Trump today called "tariffs" the "greatest", claiming that countries that treated United States "unfairly" on trade are now coming to Washington to negotiate.
Agriculture officials say the plan will not require congressional approval.
While promoting the global negations, Mr. Trump praised his hard-line trade strategy, saying slapping tariffs if the U.S.is treated unfairly is "simple".
Soy prices have fallen particularly hard in the past few months, though Trump has tried to deflect blame and promised to somehow take care of these farmers, many of whom are from politically crucial states like Iowa and Wisconsin.
Farm groups have complained that moves by China and other countries in response to Trump's protectionist trade stance could cost them billions of dollars, spooking Republicans who fear a political and economic blowback to Trump's approach.
In June when U.S. Secretary of Commerce Wilbur Ross announced the U.S. would be levelling a 25 per cent steel tariff and 10 per cent tariff on aluminum against Canada among other countries, he cited section 232 of the U.S. Trade Expansion Act, which handles trade matters considered a threat to national security.
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Punishing tariffs have been introduced on imported goods from Canada, China, and the EU.
He warned USA trade partners that he will impose more sanctions unless they negotiate a "fair deal". In 2017, Chinese imports to the USA totaled around $5.05 billion.
The aid package is expected to target soybean farmers, dairy farmers, and pork producers, among others. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that previous year totalled $335 billion. "The fact that other countries are bad at economics-and harm their own people with tariffs and other protectionist schemes-does not justify our own economic incompetence".
During a Monday event at the White House featuring American-made goods, Trump displayed a green hat that read, "Make Our Farmers Great Again". "This is the way it's going to go - make our farmers great again".
Trump's tweet comes as he is scheduled to meet with European Commission President Jean-Claude Juncker in Washington tomorrow for talks aimed at heading off a trade war.
He promised to protect US workers and promote American industry after threatening to impose another $500 billion in tariffs on Chinese exports - a move expected to bring more Chinese retaliation against USA goods.