US to give farmers $12bn trade war bailout

BBC (07/25/2018)
  • Trump unveiled a $12 billion support plan for US farmers hurt by recent EU and Chinese retaliatory tariffs.
  • Among other measures, the plan calls for more farming subsidies and purchases of unsold crops.
  • Given the exports account for 20% of US farm income, the retaliatory tariffs are expected to cost US farmers $11 billion in lost income.
  • The first assistance will be distributed this September.
  • In response, farm industry groups and congressional republicans have voiced preference of trade over aid (want Trump to end hostilities).