UNITED NEWS INTERNATIONAL (UNI) — The Trump administration announced it will offer $12 billion in aid to farmers hindered by retaliatory tariffs.
On July 24, the Department of Agriculture said that it would offer the aid through a mix of payments, purchases and trade promotion efforts.
The move is intended to help U.S. farmers and ranchers who stand to lose billions of dollars on grain, produce and meat exports to foreign buyers in the European Union, Canada, Mexico and China.
Agriculture Secretary Sonny Perdue said the assistance plan was “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.”
The farm sector has been hit hard by tit-for-tat tariffs in response to the White House’s duties on imported steel and aluminum.
Soybean prices alone have plunged nearly 20 percent since April when China first announced a 25 percent tariff on U.S. soybeans.