Reuters: Trump Greenlights Next Round of Farm Payments in China Trade War
The Trump administration will move forward with plans to distribute a second round of payments to farmers caught in the crosshairs of a trade war with China, reports Mario Parker on Reuters.com.
“Today I am making good on my promise to defend our farmers and ranchers from unjustified trade retaliation by foreign nations,” President Donald Trump said via Twitter Monday.
In July, his administration announced it would deliver as much as $12 billion in aid to farmers after Beijing slapped retaliatory tariffs on U.S. agricultural products, including 25 percent duties on soybeans. Nations including Mexico had also taken trade action against U.S. farm goods this year.
Farmers form part of the rural base that helped catapult Trump into the White House. The administration distributed some $4.7 billion in the first round of direct government aid. With tensions between Trump and China showing signs of thawing, there was uncertainty within the agriculture industry as to when or if the second round would be distributed.