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President Trump unveiled $12 billion in aid to US farmers, as the agricultural sector deals with the fallout from his sweeping tariff policies.
The sector has been hit particularly hard from the president’s ever-changing trade policies, as farmers have struggled to sell crops and been hit by higher costs. Soybean exports have come in particular focus, with trade slowing to a crawl as China virtually halted its purchases before the countries agreed to a trade truce in October.
Trump said the money for farm relief would come from a “small portion” of tariff-related revenues. Despite welcoming the support, US farmers have said they need more than a $12 billion aid package to fully offset low crop prices and lost export opportunities due to Trump’s trade war.
The farm bailout comes amid an increased push on Americans’ price concerns. In an interview published Tuesday, Trump allowed he may look for “some” additional carveouts, weeks after his administration slashed tariffs on items like beef, coffee, and bananas.
The push to reduce food prices comes in the wake of electoral wins for Democrats across a number of key state and local races where candidates stressed affordability concerns. Trump has also in recent weeks floated the possibility of a tariff “dividend” for many Americans in the form of a $2,000 check.
The US Supreme Court is poised in the weeks ahead to decide the legality of the majority of those tariffs. The president invoked the International Emergency Economic Powers Act (IEEPA) to levy blanket tariffs on goods from other countries. As he has publicly braced for the high court’s decision, Trump has claimed the “full benefit” of tariff policies would take effect soon, arguing that foreign buyers who stockpiled inventory would be forced to buy more goods.
Read more: What Trump’s tariffs mean for the economy and your wallet
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Following Trump’s admission that Americans are paying “something for tariffs.” The Democrats estimate that on average, US households have paid nearly $1,200 in additional costs due to Trump’s tariffs.
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Indonesia said that it hopes to conclude its trade agreement with the US by the end of 2025. This week, reports emerged that the trade deal between Washington and Jakarta was at risk of collapse due to Indonesia’s failure to implement its side of the agreement.
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Trump threatened to impose an additional 5% tariff on Mexico if it doesn’t provide additional water to help US farmers. Trump accused Mexico of violating a treaty that outlines water sharing between the countries.
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Trump gave the green light on Monday for Nvidia (NVDA) to sell some of its more powerful H200 chips to China. The US president said that China’s Xi Jinping had responded “positively” to the move.
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Several US companies, such as Costco (COST), have filed lawsuits and claims to the US government for tariff refunds in the belief Trump’s tariffs will be struck down by the US Supreme Court. If the courts rule against Trump’s tariffs, the president may be forced to repay billions of dollars in collected revenue from imports, according to a report in the New York Times.
LIVE 147 updates
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Americans are paying for tariffs, and it’s around $1,200
President Trump said last month that the American people are “paying something” for tariffs.
Well, now it seems the Democrats have tallied up what the actual cost is.
Democrats on the bicameral Joint Economic Committee (JEC) have estimated that, on average, US households are paying nearly $1,200 in additional costs due to Trump’s tariffs.
The Hill reports:
