The Trump administration is preparing on Thursday, May 23, to announce another round of assistance to farmers affected by the trade war with China; According to people familiar with the plan, the aid package could exceed $ 15 billion.
The assistance plan is largely based on a program that the administration put in place last year after China introduced return tariffs on US agricultural products, although payments will be more generous.
The administration is considering paying about $ 2 a bushel to soybean producers, 63 cents a bushel to wheat producers and 4 cents a bushel to corn producers to compensate for the losses from the trade war, two administration officials said, wishing to remain anonymous, because the help plan has not yet been made public.Last year, the administration paid $ 1.65 for a bushel of soy, 14 cents for a bushel of wheat and 1 cent for a bushel of corn.For other products, there will also be payments under this assistance package, as was done last year, sources said, without mentioning the amount of assistance. The outline of the plan can still change, as President Donald Trump may make adjustments at any time before it is officially announced.
The White House sent questions to the Department of Agriculture. Mishon Rich, a spokeswoman for the U.S. Department of Agriculture, declined to comment, saying a support package would be released later. The plans involve some direct government purchases of food from farmers at pre-announced prices.US Secretary of Agriculture Sonny Purdue said last week that the aid package could reach $ 20 billion, $ 15 billion more than Trump announced earlier this month.