This is the second aid package for farmers suffering in the U.S.-China trade war.
Terry Davidson walks through his soy fields in Harvard, Illinois, on the day in July when China imposed retaliatory tariffs aimed at the U.S. soybean market.: President Donald Trump announced a $16 billion aid package for farmers suffering from tariffs, the second farm bailout in less than a year. As the U.S.
$14.5 billion of the $16 billion aid package will go directly into farmers’ pockets, Agriculture Secretary Sonny Perdue said in a conference call Thursday.$100 million will be used for a program that helps develop new markets for U.S.
This is the second aid package for farmers hit by the trade war. The Trump administration spent $12 billion in aid last year after the original tariffs were levied. While other industries, particularly tech and automobile companies, are being hit hard by tariffs, American farmers who sell their crops in China have been disproportionately affected. Soybean exports, for example, have alreadyTrump said in an announcement that tariff revenue collected by the government would be the source of the aid money.
, the money will be drawn from the U.S. Treasury through an Agriculture Department program that has the authority to spend $30 billion on programs to help farmers without Congressional approval.
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