National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
$12 Billion Farm Aid Plan Unveiled for Trump Tariff Relief
The Agriculture Department plans to temporarily tap into an existing program in order to provide $12 billion in aid for American farmers hurt by the U.S.’s escalating trade battles with China and other countries. Direct payments will be made to farmers and ranchers, though administration officials indicated that the plan was not a “bailout” of the nation’s farmers.
Agriculture Secretary Sonny Perdue told AP News, “This is a short-term solution that will give President Trump and his administration the time to work on long-term trade deals.”
Congressional approval is not needed for Agriculture officials to use the money that would come through the Commodity Credit Corporation, the department’s group that addresses agricultural prices. The program is expected to start taking effect around Labor Day, though payments won’t fully be calculated until after harvests come in.
Not all Republicans supported the plan, saying the tariffs are simply taxes and warned it sets a dangerous precedent for other sectors of the economy, such as auto makers or petrochemical manufacturers.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Economy
