As the Trump administration’s trade war with China continues, U.S. Secretary of Agriculture Sonny Perdue announced Monday (Dec. 17) that the federal government has launched the second and final round of trade mitigation payments aimed at assisting farmers suffering from damage due to trade levies imposed by foreign countries in response to U.S. trade tariffs.
“President Donald Trump reaffirmed his support for American farmers and ranchers and made good on his promise, authorizing the second round of payments to be made in short order. While there have been positive movements on the trade front, American farmers are continuing to experience losses due to unjustified trade retaliation by foreign nations,” said Perdue. This assistance will help with short-term cash flow issues as we move into the new year.”
The $12 billion bailout was announced in July. It was necessitated by the ongoing trade war with China in which billions of tariffs between the two nations have been levied. China is the top soybean importer in the world and the country has reportedly taken steps to reduce the number of soybeans its importing this year. Imports to the country have dropped 10% to 85 million tons, according to World Grain. There has been a 97% drop in the amount of soybeans sold directly from U.S. producers to China, the USDA has reported.
Read more: https://talkbusiness.net/2018/12/usda-launches-second-round-of-trade-mitigation-payments-to-farmers/