The United States Department of Agriculture (USDA) unveiled a plan to remedy losses sustained by American agriculture producers due to retaliatory tariffs. The $12 billion package of aid is expected to create a short-term solution to the ongoing trade negotiations.
According to USDA, the funding falls in line with the estimated $11 billion impact of retaliatory tariffs on U.S. agricultural exports. These programs will assist agricultural producers to meet the costs of disrupted markets through market facilitation, food purchase and distribution, and trade promotion.
Commissioner of Agriculture and Industries John McMillan applauds President Trump for directing USDA Secretary Sonny Perdue to craft a support package to protect American agriculture.
“These three programs will allow the administration to continue to work on long-term trade deals,” said McMillan. “The end goal is to have an even playing field for our country’s producers.”
Specific details for how the programs will work, implementation, and sign-up periods have not been announced. According to USDA officials, details of the program will be released around September 4, 2018.