Market News & Headlines >> Trump Administration Announces Trade Aid For Farmers

The Trump administration on Tuesday afternoon announced plans to provide up to $12 billion in aid for U.S. farmers to help protect them from the repercussions of trade spats between the U.S. and China, the European Union and others. 

USDA said in a press release that the aid package, which will include direct payment program, a food purchase and distribution program and a trade promotion program, is in line with the estimated $11 billion impact of “unjustified retaliatory tariffs” on U.S. agricultural goods. 

USDA officials said the programs are already authorized under the Commodity Credit Corp. Act and will not require congressional approval. They said the plan would take effect around Labor Day. 

Agriculture Secretary Sonny Perdue said the aid package 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.”