Department of Agriculture officials say support for farmers dealing with depressed markets will be made available quickly. President Donald Trump has promised farmers $15 billion in aid following the latest round of tariffs implemented Friday.
Speaking to farm broadcasters Tuesday, a slew of USDA officials discussed the new aid being prepared for farmers. USDA undersecretary for trade and foreign agricultural affairs Ted McKinney suggests a new package of aid for farmers is “days away.” McKinney also confirmed the formula for the payments will differ from the previous formula, which rewarded higher production and was not available if a farmer couldn’t produce a crop.
Details are still being finalized and Farm Service Agency administrator Richard Fordyce says he has not received any instruction regarding distributing the payments.
Agriculture Secretary Sonny Perdue confirmed the trade aid plan Friday, after previously stating there would be no additional aid this year. However, the failure to reach an agreement with China last week, and the additional tariffs, is putting more strain on U.S. farmers.
Source: National Association of Farm Broadcasters