A CERTAIN group of Americans are slated to receive one-time payments from the federal government via a new assistance program.
Dubbed the Farmer Bridge Assistance program, the checks will go out in an effort to lend a financial helping hand to farmers impacted by the ongoing trade war with our country’s top economic partners.
The Trump administration will hand out a $12 billion aid package to farmers using funds from US tariff revenues, the president revealed during a roundtable event at the White House on Monday where members of the farming community were present.
The president called farmers “the backbone of our country,” saying that the economic assistance is intended to provide much-needed certainty to US farmers.
Many have struggled to sell their crops while also facing rising costs in the wake of Trump’s move to increase tariffs in China.
Up to $11 billion of the package’s total allotment will go to the USDA’s new Farmer Bridge Assistance program, which will distribute one-time checks to American row crop farmers, including those growing soybeans, corn, cotton, and other crops, a White House representative told CNBC.
The leftover $1 billion will be set aside as the Department of Agriculture evaluates changing market conditions, per the government official.
The administration views the impending checks as “bridge payments” that will provide aid to farmers in the transition period between the country switching over from former President Joe Biden’s economic agenda to Trump’s current policies.
“Farmers suffered for years under Joe Biden, who increased the United States’ trade deficit to over $1.2 trillion, raised input costs, pushed woke DEI agricultural policies, and more,” the White House spokesperson told CNBC prior to Monday’s aid announcement.
“In contrast, President Trump is helping our agriculture industry by negotiating new trade deals to open new export markets for our farmers and boosting the farm safety net for the first time in a decade,” said the representative.
“Today’s announcement reflects the President’s commitment to helping our farmers, who will have the support they need to bridge the gap between Biden’s failures and the President’s successful policies taking effect.”
Many in our country’s agriculture industry, however, have cast blame for their struggles on the ongoing trade war, particularly the conflicts with China, one of the US’ biggest trade partners.
China stopped purchasing US soybeans for several months, including the key harvest season starting in the fall, due to trade tensions and tariffs between the two countries.
Prior to Trump’s announcement of the $12 billion aid package for farmers, Democratic lawmakers bashed his administration for the way it framed the payments.
Source : https://www.the-sun.com/money/15610123/trump-farmer-bridge-assistance-program-payments-tariffs/
