President Donald Trump unveils a $12 billion aid package for American farmers impacted by trade disputes and retaliatory tariffs
WASHINGTON: President Donald Trump has announced a USD 12 billion aid package for American farmers impacted by the fallout from his trade and tariff policies.
The Republican president made the announcement during a White House roundtable with agricultural producers on Monday.
“We love our farmers, and as you know the farmers like me,” Trump told the gathering.
He stated the aid would be funded by a “relatively small portion” of the revenue collected from tariffs.
Most of the bailout involves one-time payments to crop farmers, according to the plan.
US farmers have faced pressure from retaliatory measures by trading partners and tariffs on imported goods used in farming since Trump’s return to office in January.
The trade dispute with China this year saw US soybean exports plunge and Chinese buyers hold off on new orders.
Soybean prices fell amid lower demand, hitting the sector hard despite a recent trade truce aimed at renewing Chinese agricultural purchases.
Trump expressed confidence that Chinese President Xi Jinping would do “even more than he promised to do” on soybeans following their recent summit meeting in South Korea.
Agriculture Secretary Brooke Rollins said the government was releasing an initial USD 11 billion for crops and holding back another USD 1 billion for future needs.
Trump also recently vowed support for US cattle farmers as beef prices surged due partly to tighter herd supplies.
The president repeatedly blamed his predecessor, Joe Biden, for the problems currently facing American farmers.
The situation echoes Trump’s first term, when retaliatory tariffs caused over USD 27 billion in US agriculture export losses from 2018 to 2019.
The government provided USD 23 billion to assist farmers hit by those earlier trade disputes.
Trump’s farm aid announcement comes amid growing dissatisfaction with his economic policies, particularly over tariffs and the cost of living.
The 79-year-old president will begin a push for his economic agenda with a speech in Pennsylvania on Tuesday.
He appeared to soften his message on affordability issues on Monday, acknowledging a “problem” after recently dismissing it as a “hoax.”
“The Democrats caused the affordability problem and we’re fixing it,” Trump said. – AFP
