USDA Has Allocated $8 Billion to Offset Tariff Losses
USAgNet - 02/27/2019
The Trump administration has provided $8 billion in aid to date to the agriculture industry to offset the negative impact the various tariffs it has imposed since President Trump took office, according to Agriculture Secretary Sonny Perdue.
That's after the administration has imposed tariffs on steel and aluminum imports and on $250 billion worth of Chinese goods, reports the Washington Examiner.
"Farmers contended with significant market disruptions in 2018 arising from retaliatory tariffs that were affecting billions of dollars of agricultural trade and disrupting markets for commodities ranging from soybeans to almonds to hogs," Perdue says. "To date,
[assistance] programs have provided more than $8 billion to assist with the disruption in commodity markets caused by unfair tariffs on U.S. agricultural products."
China retaliated by placing 25 percent tariffs on $34 billion worth of U.S. goods including soybeans, pork, and chicken, among other items.
President Trump is also considering additional tariffs on auto imports, a move that could provoke further retaliation, particularly from the European Union. Trump has said that the tariffs are linked to whether the U.S. and the EU can come to new trade deal.