US announces $12 bln in aid to farmers hurt by trade tariffs
The U.S. government will provide up to $12 billion in aid to American farmers hurt by the retaliatory tariffs imposed by trading partners, U.S. Agriculture Secretary Sonny Perdue announced on July 24.
Trump has in recent months engaged in a multi-front trade confrontation, imposing steep tariffs on steel, aluminum and tens of billions of dollars in Chinese goods, which sparked swift retaliation against key U.S. farm products like soy and pork.
Under the three USDA aid programs, farmers will either receive direct payments or sell their excess production to the government, Perdue said. In addition, the government will work to open new markets.
This will aid producers of soy, sorghum, corn, wheat, pork, dairy, fruit, rice and nuts, all products hit by tariffs imposed in response to U.S. action.
The actions “are a firm statement that other nations cannot bully our agricultural producers to force the United States to cave in,” Perdue said.
“The correct action from other nations would be to stop their bad behavior not to retaliate with illegal tariffs.”