President Donald Trump authorized the U.S. Department of Agriculture to spend $12 billion to assist farmers hit by retaliatory tariffs.
U.S. Secretary of Agriculture Sonny Perdue announced Tuesday (July 24) that the USDA will take several actions to assist farmers in response to trade damage from what he called “unjustified retaliation.”
President Trump has enacted a number of tariffs against Canada, China, the European Union and Mexico. Those countries and groups have put retaliatory tariffs on American goods – particularly agricultural products such as soybeans – in effect.
The $12 billion figure is an estimate close to a predicted $11 billion impact on agricultural goods that the USDA expects will impact American farmers. The programs will assist agricultural producers to meet the costs of disrupted markets, the USDA said.
“This is a short-term solution to allow President Trump time to work on long-term trade deals to benefit agriculture and the entire U.S. economy,” Perdue said.
“The President promised to have the back of every American farmer and rancher, and he knows the importance of keeping our rural economy strong. Unfortunately, America’s hard-working agricultural producers have been treated unfairly by China’s illegal trading practices and have taken a disproportionate hit when it comes illegal retaliatory tariffs,” Perdue added.