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The Trump administration is crafting a $12 billion emergency aid package to help farmers affected by tariffs on their crops, the U.S. Department of Agriculture said Tuesday.

Farmers said they would rather have Trump settle the trade disputes with China, Mexico, Canada and the European Union and get free trade flowing again.

China targeted tariffs on USA farm products after Trump imposed new steel and aluminum tariffs earlier this year, selecting crops and products in areas where Trump enjoys support.

"Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with tariffs", he tweeted, likening the USA as a "'piggy bank' that's being robbed" through trade imbalances.

American farmers depend on being able to sell overseas, and tariffs make what they produce more expensive.

Extra farm aid would be a balm to producers who are seeing prices drop and inventories rise because of disputes with China, Canada and other trade partners who are significant purchasers of USA pork, soybeans and other crops.

The news lifted shares of farm equipment companies on the prospect that farmers will have more money to spend on tractors and other farm gear.

"President Trump personally promised me that agriculture would be held harmless as he worked on trade, and today's announcement of $12 billion in USDA assistance for disrupted markets confirms his intention to keep his promise to me", said King. "I look forward to reviewing the details of the President's proposal and continuing to work with the Administration to find permanent solutions that will give confidence and certainty to our farmers as soon as possible".

President Donald Trump is declaring that "Tariffs are the greatest!" and threatening to impose additional penalties on US trading partners as he prepares for negotiations with European officials at the White House.

"The farmers will be the biggest beneficiary; watch, we are opening up markets, you watch what is going to happen, just be a little patient", Trump said during a speech Tuesday in Kansas City, Missouri.

RELATEDTrump to visit Iowa this week as farmers reel from trade war
RELATEDTrump to visit Iowa this week as farmers reel from trade war

"This announcement is substantial, but we can not overstate the dire consequences that farmers and ranchers are facing in relation to lost export markets", he said.

"So just in that market alone I think the United States is very exposed". "It's been estimated that farmers lost more than $13 billion last month alone due to trade disruptions", said Johnson.

Beijing imposed tariffs on $34 billion worth of USA products, including soybeans, earlier this month.

Perdue's aid package, which had been in the works for months, comes under a Great Depression-era program called the Commodity Credit Corporation, a division of the Agriculture Department that was created in 1933 to provide a financial backstop for farmers. Ben Sasse, R-Neb., told the New York Times.

European countries have the highest subsidies with Iceland, Norway and Switzerland providing more than 50 per cent of their farm income as government support measures while the United States provided almost eight per cent. Mr. Trump recently described the European Union as "a foe" on trade.

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to US national security, an argument that the European Union and Canada rejects.

On Twitter, Trump says people "snipping at your heels during a negotiation" will only delay the process.

He says he'd prefer there be no tariffs or barriers at all.

Soybeans, the second-most valuable US crop after corn, have been especially hard hit - exports to China accounted for about one-third of the oilseed's revenue previous year.

Cramer testified before the U.S. Trade Representative's office during a public hearing Tuesday, where he welcomed "strong defensive actions" against China's "unfair trade practices" that he argued previous administrations have failed to curtail.