The White House is set to announce $12 billion in emergency aid to U.S. farms to help them cope with the retaliatory tariffs other countries have imposed in response to President Trump's tariffs on imports from China, Europe, and others.
The aid will be provided through the Agriculture Department's Commodity Credit Corporation, which provides price supports for farmers, and is expected to be announced sometime Tuesday. Other reports about the plan said the administration will also launch a trade promotion program to help farmers who are having more trouble exporting in light of the ongoing trade war.
The assistance will be broad-based.
"We are hearing that it will include more than soybeans. While soybeans have been among the hardest hit sectors, the impacts of tariffs on farmers and ranchers is wide and deep across the board," said an agriculture industry source.
On July 6, China placed 25 percent tariffs on $34 billion worth of U.S. goods including soybeans, pork and chicken, among other items. And that retaliation could expand, as Trump has said he's prepared to impose tariffs on every single good the U.S. imports from China to fight back against China's trade practices.
The administration has long hinted that it would step in to protect farmers should its conflicts with trading partners require it, though Agriculture Secretary Sonny Perdue had previously said that the administration hoped to find new markets for the products should tariffs depress sales.