President Donald Trump said on Monday that his administration was planning to provide about $15 billion in aid to help U.S. farmers whose products may be targeted with tariffs by China amid a deepening trade war.
“We’re going to take the highest year, the biggest purchase that China has ever made with our farmers, which is about $15 billion, and do something reciprocal to our farmers so our farmers can do well,” Trump told reporters at the White House.
He did not provide any more details on what kind of an aid package it would be.
American farmers, a key constituency of Trump, have been among the hardest hit in the trade war. Soybeans are the most valuable U.S. farm export, and shipments to China dropped to a 16-year low in 2018, while soybean futures prices last week fell this week to 11-year lows.
U.S. Agriculture Secretary Sonny Perdue said on Friday that Trump had asked him to create a plan to help American farmers cope with the heavy impact of the U.S.-China trade war on agriculture.
A new aid program would be the second round of assistance for farmers, after the Department of Agriculture’s $12 billion plan last year to compensate for lower prices for farm goods and lost sales stemming from trade disputes with China and other nations.
by Jeff Mason, Tim Ahmann and Humeyra Pamuk, Reuters | Read more:
“We’re going to take the highest year, the biggest purchase that China has ever made with our farmers, which is about $15 billion, and do something reciprocal to our farmers so our farmers can do well,” Trump told reporters at the White House.
He did not provide any more details on what kind of an aid package it would be.
American farmers, a key constituency of Trump, have been among the hardest hit in the trade war. Soybeans are the most valuable U.S. farm export, and shipments to China dropped to a 16-year low in 2018, while soybean futures prices last week fell this week to 11-year lows.
U.S. Agriculture Secretary Sonny Perdue said on Friday that Trump had asked him to create a plan to help American farmers cope with the heavy impact of the U.S.-China trade war on agriculture.
A new aid program would be the second round of assistance for farmers, after the Department of Agriculture’s $12 billion plan last year to compensate for lower prices for farm goods and lost sales stemming from trade disputes with China and other nations.
by Jeff Mason, Tim Ahmann and Humeyra Pamuk, Reuters | Read more:
[ed. So, $27 billion in subsidies over two years to prop up Big Ag (ie. "farmers") and buy votes. What happens to products that can't be sold? Are they thrown away? Does agribusiness just close up shop for a year or two and collect free money? Is this just another version of what the government and Federal Reserve did propping up Financials and Wall Street (who also have large stakes in agribusiness)? Free market capitalism has become a joke. Think about that when Republicans start fear-mongering over "democratic socialism". It's already here, just for corporations and one-percenters. Stay tuned for updates. For example: Trump pushes for new bailouts for farmers hurt by his trade war (Vox).]
