President Trump made a commitment to America’s farmers and ranchers, to have their backs. As the President makes strides to end a global trade war, he protects America’s producers by offering federal assistance.
U.S. Secretary of Agriculture Sonny Perdue on Tuesday unveiled the Administration’s plan to save America’s farmers and ranchers from burdening tariffs, illegally imposed as global trade tensions rose.
“Today, we’re formally announcing the Trump Administration will be taking several actions to assist farmers, in response to the trade damage caused by illegal retaliatory tariffs that have been imposed on the United States in recent months,” Perdue said. “This is a short-term solution that will give President Trump time to work on a long-term trade deal to benefit agriculture, as well as all sectors of the economy.”
Perdue says the aid package, encompassing three assistance programs, is “a firm statement that other nations cannot bully our agricultural producers to force the United States cave in.”
To that end, the U.S. Department of Agriculture is allocating $12 billion to help farmers recover from the retaliatory tariffs estimated $11 billion impact. Secretary Perdue says these programs “will help agricultural producers meet the cost of disrupted markets resulting from illegal retaliation.”
“The first program, called the Market Facilitation Program, will provide payments incrementally to soybeans, sorghum, corn, wheat, cotton, dairy and hog producers to help manage disruptive markets, deal with commodity surpluses and expand new markets.
The second program, called the Food Purchase and Distribution Program, will purchase the surplus of affected commodities like fruits, nuts, rice, legumes, beef, pork and milk for distribution to food banks and other nutritious programs.
The third and final program, called the Trade Promotion Program, to assist in conjunction with the private sector in developing new export markets on behalf of producers,” Perdue said.
The U.S. Department of Agriculture plans to release estimated rates in a couple of weeks. Farmers will be compensated for the eligible crops produced.