Bloomberg says the Trump Administration is about ready to officially announce another round of aid to help farmers hurt by the trade war with China. The announcement could come as soon as Thursday. People familiar with the plan say it could exceed $15 billion. The aid plan looks to be quite similar to the program the administration put together to help farmers last year after China slapped retaliatory tariffs on U.S. agricultural products.
The biggest difference between the first and second round of aid is the payments will be larger. Two people familiar with the details tell Bloomberg that the administration is considering payments of $2 per bushel for soybean growers, 62 cents per bushel for wheat growers, and four cents a bushel for corn growers.
The payments are designed to help compensate farmers for financial losses from the trade war. “Corn farmers are going to be very upset about this,” says Iowa Senator Joni Ernst. “It’s better than the one cent per bushel they got last year but it’s nowhere near enough.” Bloomberg says other commodities will receive help but there were no specific numbers available.