trade

The Department of Agriculture will pay $4.7 billion to farmers growing soybeans, cotton and other products hit by tariffs in the Trump administration's hard-line trade war with China, announcing the first batch of payments from a $12 billion government aid package.

Starting next Tuesday, the agency will take applications from farmers who produce corn, cotton, dairy, hogs, sorghum, soybeans and wheat — products that were targeted in China's retaliatory tariffs, after the U.S. imposed a 25 percent levy on $34 billion worth of Chinese imports.

Amid rising trade tensions between China and the Trump administration, Chinese officials met with Ohio business leaders in Columbus on Wednesday for a business and policy luncheon.

Ohio Farmers Brace For Escalating Trade War

Aug 9, 2018

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.

Ohio U.S. Sen. Rob Portman would like to see an end to trade disputes with China, but the Republican senator said President Donald Trump’s decision to provide $12 billion in subsidies to American farmers might be a good short-term solution to trade shortfalls. 

The escalating trade war has hurt many Ohio farmers producing soybeans, pork, and corn, among other products.

Ohio U.S. Sen. Rob Portman says he’s concerned about the escalating trade dispute with Canada. And the Republican says he disagrees with the Trump administration’s reasoning for higher tariffs on Canadian goods. 

Portman, who served as U.S. trade representative in the Bush administration, says he’s concerned that the Trump tariffs on Canadian steel and other products will boomerang, ultimately hurting U.S. workers and getting in the way of a better North American Free Trade Agreement. He also rejects the administration’s rationale for imposing the tariffs.

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Next week is Canada Week in Kentucky

The International Trade Administration (ITA) reports Ohio merchandise exports increased 3.9 percent from 2012 to 2013.

The organizations says exports grew to a record high $50.5 billion.

“Big export sales means more revenue which translate into economic growth and jobs for the Ohio,” said Marcia Brandstadt, Director of the U.S. Commercial Service in Cincinnati. “There is a great potential for more exporting—particularly among smaller businesses that have yet to sell abroad."

In a news release the ITA says: