Speed Reads

is it too late now to say sorry?

Trump administration prepares $12 billion aid package for farmers hurt by Trump's tariffs

The Department of Agriculture will provide $12 billion in emergency aid to farmers who have been negatively affected by President Trump's escalating trade war, two sources told The Washington Post.

The plan comes as retaliatory tariffs from China and other countries have slashed profits for farmers who grow soybeans, rice, beef, pork, and other products. Farm groups have criticized Trump for implementing tariffs, saying the fallout could cost them billions of dollars.

The Agriculture Department plans to provide the short-term relief by Labor Day, funding the bailout with direct assistance, trade promotion, and a food purchase and distribution program. The strategy was used during the Great Depression and does not require approval from Congress.

The Trump administration has been looking for a solution to agricultural woes that doesn't involve blinking first in the trade war with China, the Post reports, but a taxpayer-funded bailout could launch a new wave of complaints. Despite the criticism, Trump has continued to tout his tariffs, tweeting on Tuesday that they are the "greatest." Read more at The Washington Post.