Trump to Give $12B to Farmers Hurt by Tariffs

July 24, 2018 Share Print 0

The government announced a $12bn plan Tuesday to assist farmers who have been hurt by Donald Trump’s trade disputes with China and other trading partners.

The plan focuses on midwest soya bean producers and others targeted by retaliatory measures.

The agriculture department said the proposal would include direct assistance for farmers, purchases of excess crops and trade promotion activities aimed at building new export markets. Officials said the plan would not require congressional approval and would come through the Commodity Credit Corporation, a wing of the department that addresses agricultural prices.

“This is a short-term solution that will give President Trump and his administration the time to work on long-term trade deals,” said agriculture secretary Sonny Perdue. Officials said the direct payments could help producers of soya beans, which have been hit hard by the Trump tariffs, along with sorghum, corn, wheat, cotton, dairy and farmers raising hogs.

via The Guardian

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.