U.S. government to pay $4.7 billion in tariff-related aid to farmers
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(Worthy News) – The U.S. Department of Agriculture said on Monday its farm aid package would include $4.7 billion in direct payments to farmers to help offset losses from retaliatory tariffs on American exports this season.
The bulk of the payments, $3.6 billion, would be made to soybean farmers. That amounts to $1.65 per bushel multiplied by 50 percent of expected production, Undersecretary for Farm Production and Conservation Bill Northey said on a conference call.
China has traditionally bought about 60 percent of U.S. soybean exports. But it has been largely out of the market since implementing tariffs on U.S. imports in retaliation for the Trump administration’s tariffs on Chinese goods. [ Source: Reuters (Read More…) ]
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