Trump administration giving farmers hurt by trade war $16 billion in aid
President Trump announced on Thursday that the Department of Agriculture is creating a program that will give $16 billion in aid to farmers affected by the trade war with China.
"We will ensure that our farmers get the relief they need — and very, very quickly," Trump said. Agriculture Secretary Sonny Perdue blamed China for the launch of the program, telling reporters that "all of this would have been moot if China had acted appropriately and fairly."
Soybean farmers in particular have been hit hard by the escalating U.S.-China trade war. Soybeans are the largest U.S. export to China, with a value of $12.4 billion in 2018, USA Today reports. After Trump put tariffs on Chinese goods last year, China retaliated by putting a 25 percent tariff on U.S. soybean imports, causing prices to drop.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Under the program, the Department of Agriculture will send payments to counties based on the number of crops planted and losses. The first payments will be sent in July or August, and Perdue said two additional payments will be made in the fall and early next year if the U.S. and China still have not reached a trade agreement. Most of the $16 billion package will go to pay farmers, while $1.4 billion will be used to purchase excess products, like milk and beef, which will be distributed to food banks.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
The new powers to stop stalking in the UK
The Explainer Updated guidance could help protect more victims, but public is losing trust in police and battered criminal justice system
By Harriet Marsden, The Week UK Published
-
'Criminal trail?'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Grindr 'shared user HIV status' with ad firms, lawsuit claims
Speed Read LGBTQ dating app accused of breaching UK data protection laws in case filed at London's High Court
By Rebecca Messina, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published