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.
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. Catherine Garcia