The Trump administration unveils a $16 billion aid package for farmers hurt by the ongoing trade war with China, the second such deal intended to help limit the losses from Chinese tariffs on American goods.
The Trump administration unveiled a $16 billion aid package for farmers hurt by the ongoing trade war with China, the second such deal intended to help limit the losses from Chinese tariffs on American goods.
Agriculture Secretary Sonny Perdue said the money will come from tariffs against Chinese goods that go into the Treasury and then back into programs to distribute the money to farmers. The funds will ultimately come from the taxpayers because it is federal money that is being used for the bailouts, said Bill Reinsch, the Scholl Chair and senior adviser at the Center for Strategic and International Studies.
Reinsch said that's normal in a trade war where each country wants to hurt the other politically as well as economically. President Trump said on Monday he wanted an aid package that would help farmers do well and"make the same kind of money," though USDA said the aid is intended more to help with additional costs such as storing excess product rather than make up for lost revenue.
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