The second Trump administration aid package for US farmers affected by the trade war with China is expected to be between $ 15 and $ 20 billion and will include direct payments, the United States Secretary of Agriculture said Wednesday.
The U.S. Department of Agriculture is still finalizing a plan that is likely to give priority to farmers raising pigs and soybeans, the products most affected by the trade dispute between China and the U.S., Agriculture Secretary Sonny Purdue and industry sources informed about the plan.
The two largest economies in the world were involved in a 10-month trade war that cost billions, shocked global supply chains and shocked financial markets. American farmers who helped Donald Trump win his unexpected election victory in 2016 were among the most affected.“We are currently developing details and sources of funds that we expect will be similar ... to the Commodity Credit Corporation,” Purdue told reporters at a telephone conference, referring to the Depression-era program designed to support farm incomes.
One source said that the official announcement of the assistance plan could take place next week. At the same time, Purdue refused to provide details on the timing.