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Trump administration announces $16 billion farm aid plan to offset trade war losses


Added 05-23-19 06:03:02pm EST - “The Trump administration on Thursday unveiled a $16 billion farm aid package to ...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Trump administration announces $16 billion farm aid plan to offset...”. Below is an excerpt from the article.

WASHINGTON (Reuters) - The Trump administration on Thursday unveiled a $16 billion farm aid package to offset losses from a 10-month trade war with China and said payment rates to farmers would be determined by where they farm rather than what crops they grow.

The package, the bulk of which will be spent on direct payments, surprised growers and traders who had expected to learn separate payment rates for soybeans, hogs, corn and other crops in the Department of Agriculture (USDA) briefing.

Many farm groups welcomed the move, but called for a trade deal with China as soon as possible. Some Democrats have slammed the plan, calling it a ‘band-aid’ and said the county-based payment system could leave some farmers with reduced aid.

Farmers, a key constituency that helped carry U.S. President Donald Trump to his 2016 electoral win, have been among the hardest hit from a trade dispute with China, once a destination for more than 60 percent of U.S. soybean exports.

“The farmers have been attacked by China,” Trump said in a press conference about the aid package. “But the $16 billion of funds will ... make clear that no country has veto on America’s economic and national security,” he said.

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