The Trump administration on Tuesday readied billions of dollars in new aid to placate farmers and offset any economic impact from his trade wars, even as the president hailed his growing list of tariffs as “the greatest”.
The new aid plan was aimed at soyabean, pork and other farmers who have been hit by retaliatory tariffs imposed by US trading partners such as China, according to people familiar with the proposal.
Up to $12bn in aid will be offered for farmers in part through the New Deal-era Commodity Credit Corporation, which has the authority to either lend money to farmers or buy their crops in economic emergencies, according to US media reports.
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