White House Plans To Send $12 Billion In Aid To Farmers

NEW YORK (CBSNewYork) -- President Trump is rolling out a plan to spend billions to help farmers caught in the middle of a trade war.

"China charges us when we make a car, 25 percent tariff. We charge them two and a half percent, other than that it's a great idea," said Trump.

At a Veterans of Foreign Wars event in Kansas City, Missouri, President Trump touted his reasons for imposing tariffs on countries abroad, but now he will financially help out farmers who will suffer under the tariffs.

The administration is ready to roll out billions of dollars in relief.

U.S. agricultural exports have been the prime target of China and other countries retaliating against Trump's tariffs. However, the president insists farmers will do well in the end.

"The farmers will be the biggest beneficiaries. Watch we're opening up markets you watch what's going to happen--just be a little patient, they are all aiming at anybody that likes me," said Trump.

Earlier in the day, the president sounded off on social media.

"Tariffs are the greatest! Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. It's as simple as that - and everybody's talking! Remember, we are the "piggy bank" that's being robbed. All will be Great!" Trump tweeted.

Some Republicans in states with a major automotive industry are not 100 percent on board.

"Tariffs are not great. But the fact of the matter is trying to find a way to better position American workers for the future is a laudable goal," said Senator Tim Scott of South Carolina.

"I'm very concerned that Russia will be fighting very hard to have an impact on the upcoming Election. Based on the fact that no President has been tougher on Russia than me, they will be pushing very hard for the Democrats. They definitely don't want Trump!" the president also tweeted this morning.

"Well that's the President's jujitsu, political action the reality of it Vladimir Putin knows he hit the lottery when he pursued undermining our elections in 2016," said Senator Bob Menendez (D-NJ).

On another front the president's daughter, Ivanka Trump, announced she was shutting down her fashion company, releasing a statement which said, in part, "After 17 months in Washington, I do not know when or if I will ever return to the business, but I do know that my focus for the foreseeable future will be the work I am doing here in Washington. There is speculation she wants to pursue a career in public policy.