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Friday, March 29, 2024

US Government offers $12 billion in aid to farmers hit by trade war

The farmers affected by the American trade war with China, Canada, EU and Mexico are being aided by the US government with $12 billion.

These countries have retaliated by imposing tariffs on US goods including grains, meat and produce. Despite these consequences President Donald Trump is adamant to go ahead with the trade measures.

President Trump said while speaking at the Veterans of Foreign Wars National Convention said, “The farmers will be the biggest beneficiary. Watch. We’re opening up markets. You watch what’s going to happen. Just be a little patient”.

The Department of Agriculture USDA announced that it will utilize the $12 billion for buying crops from farmers who have suffered by the tariffs. USDA will be providing direct payments to soybean, sorghum, wheat, cotton, corn, hogs and dairy producers and recover the losses. Furthermore, USDA will also be purchasing surplus of nuts, fruits, rice, milk, legumes, beef to distribute to food banks and nutrition programs.

US crops worth billions of pounds were going to waste in storage because of cancelled sales. Senator Jerry Moran added that the aid will not be sustainable and help only a portion of farmers.

Trump administration is also seeking to impose additional tariffs on Chinese imports and foreign automobiles.

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