Trade war bailout: Trump promises $12bn in emergency aid to US farmers

The Trump administration has unveiled plans to offer billions of dollars in aid for farmers hurt by the escalating trade war. US farmers have been hit by retaliatory tariffs on goods like soybeans, pork, and beef.

“President Trump has promised since day one that he had the back of every farmer and rancher,” Secretary of Agriculture Sonny Perdue told reporters Tuesday. He said the assistance was a short-term solution, but that it would offer “Trump and his administration time to work on long-term trade deals.”

The aid is intended to protect the industry as countries started raising levies on US products such as soybeans in response to Trump’s trade tariffs. Washington plans to provide subsidies to farmers and buy unsold crops, distributing them to food banks and other government nutrition programs. The first assistance is expected to be provided by the beginning of September.

Trump who has described the tariffs as “the greatest” on Tuesday, said farmers would be the “biggest beneficiary” of the disputes after the US and its partners strike new trade deals.

www.rt.com/business/434193-us-farmers-bailout-plan/?utm_source=browser&utm_medium=aplication_chrome&utm_campaign=chrome

Related Posts:

If everyone who reads our story, who likes it, helps fund it, our future would be much more secure. For as little as $10, you can support the IWB – and it only takes a minute. Thank you. 578 views
Related Posts: