U.S. Department of Agriculture has paid out nearly $840 million to farmers to date


U.S. Department of Agriculture has paid out nearly $840 million to farmers to date as part of a promised $12 billion aid program rolled out by President Donald Trump last July to offset losses from the imposition of tariffs on American exports.

A total of $837.8 million to date has been paid out with the top five commodities being soybeans, wheat, corn, dairy and hogs, USDA told Reuters. The five states that received the highest amount of aid were Illinois, Iowa, Kansas, Indiana and Minnesota.

A Complete Guide to the Futures Market: Technical Analysis, Trading Systems, Fundamental Analysis, Options, Spreads, and Trading Principles (Wiley Trading)

The aid delivered remains a fraction of the promised amount at a time when the American farmers are struggling with loss of export markets from trade wars. Several trade groups such as dairy farmers have complained that the amount they received was far below their losses.

The Trump administration in late May announced tariffs of 25 percent on steel imports and 10 percent on aluminum imports, prompting retaliation from top trading partners that have spilled into agriculture.

This slideshow requires JavaScript.

Washington has also slapped tariffs on $250 billion worth of Chinese goods earlier this year as part of Trump’s vow to cut the U.S. trade deficit with China. Beijing retaliated by hitting $110 billion of U.S. products, including the agriculture sector, prompting the USDA to offer compensation to farmers of soybeans, sorghum, corn, wheat, cotton, dairy and hogs.

Apple iPad (Wi-Fi, 128GB) – Space Gray (Latest Model) – $424.99

China, traditionally the biggest buyer of U.S. soybeans, has been largely out of the market, leaving farmers struggling with a supply overhang. The aid package includes cash payments for farmers of soybeans, sorghum, corn, wheat, cotton, dairy and hogs. The USDA had already outlined the allocations for the first $6 billion at the end of August.

Secretary of Agriculture Sonny Perdue said the second $6 billion was set to be outlined in December. He added that there were no plans for now to extend the aid into 2019. The United States has clinched a new trade deal with Canada and Mexico, key export markets for agricultural commodities, dubbed as the new NAFTA, in October but American farmers are yet to see the benefits.

12 thoughts on “U.S. Department of Agriculture has paid out nearly $840 million to farmers to date

  1. Pingback: The U.S. trade deficit jumped to a 10-year high in October – Stock Market News Today

  2. Pingback: China reported far weaker than expected November exports and imports – Stock Market News Today

  3. Pingback: China’s commodities imports falls highlighting economic weakness – Stock Market News Today

  4. Pingback: Oil prices edged higher on Thursday, buoyed by a drawdown in U.S. crude stockpiles and indications that the trade war between the United States and China, is easing – Stock Market News Today

  5. Pingback: Coffee prices have been stuck below the cost of production for the longest stretch since the global financial crisis, leading some producers to abandon crops and some to migrate for new jobs – Stock Market News Today

  6. Pingback: As fear rises on Wall Street, strategists warn the worst is yet to come. The CBOE Volatility Index jumped above 30, its highest since the major market sell-off in February of this year – Stock Market News Today

  7. Pingback: In 2018, just about every single asset class one can invest in, from stocks around the globe to government debt to corporate bonds to commodities have posted negative returns or unchanged performance year to date – Stock Market News Today

  8. Pingback: The U.S. – China trade war resulted in billions of dollars of losses for both sides in 2018 – Stock Market News Today

  9. Pingback: China has the “good faith” to work with the United States to resolve trade frictions, the Foreign Ministry said on Monday – Stock Market News Today

  10. Pingback: China’s exports unexpectedly fell the most in two years in December, raising risks to global economy – Stock Market News Today

  11. Pingback: Chinese And U.S. Negotiators Are Seeking To Narrow The Still-Substantial Gap Between The Concessions China Is Willing To Offer And What The Trump Administration Will Accept – Today’s Stock Market News

  12. Pingback: Trump Asked China To Remove All Tariffs On US Agricultural Products – Today’s Stock Market News

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.