Trump Administrations Announces $12 Billion In “Temporary Relief” For Farmers Impacted By Higher Tariffs On U.S. Products Resulting From Trump’s Trade War; Additional $15 Billion Possibly On The Way
“The federal government will dole out up to $12 billion in “temporary relief” to struggling farmers who have been hurt by President Donald Trump’s tariffs and trade war, the U.S. Department of Agriculture announced Tuesday [July 24, 2018].”
“The aid is designed to help farmers facing tariffs in China, Mexico and other countries that imposed the levies on U.S. products in response to Trump’s new tariffs on imported steel and aluminum.” U.S. farmers are selling less products abroad because of these tariffs on U.S. goods.
“USDA officials say the aid will be available in three forms; direct payment to producers of soybeans, sorghum, wheat, cotton, dairy and hogs; government purchases of fruit, nuts, legumes, and some meats for distribution to food banks; and development of new export markets. Officials [also] say they will be using a Depression-era program, the Commodity Credit Corporation, to secure money from the U.S. Treasury and will not need to ask Congress for the funds.”
“White House officials are now working with GOP leaders to find a way to extend an additional $15 billion” by borrowing funds from Treasury.