President Trump’s plan to provide as much as $13 billion dollars in aid to U.S. farmers has been delayed due to the federal government shutdown according to Politico.
The report says that Trump may still proceed with his proposed farm aid package and roll it out this week without formal approval from Congress.
“I’m going to do some farm stuff this week,” Trump said Monday at the White House.
Trump told reporters in the Oval Office on Sept. 25 that his administration would be providing assistance to struggling U.S. farmers using tariff revenues.
“We’re going to take some of that tariff money that we’ve made and we’re going to give it to our farmers, who are, for a little while, going to be hurt until the tariffs kick in to their benefit. So, we’re going to make sure our farmers are in great shape because we’re taking in a lot of money,” said Trump.
Although Trump didn’t provide any further details at that time, he said his tariff strategy will benefit producers long-term.
“Ultimately, the farmers are going to be making a fortune,” said Trump.
Last Thursday, U.S. Treasury Secretary Scott Bessent teased that an announcement from the Trump administration would be made on Tuesday, Oct. 7. However, that announcement, as well as further details of a farm aid package, have not yet been made.
Last week, Bessent said that the federal government will support America’s soybean farmers as China refuses to buy U.S. soybeans.
“You’re going to see substantial support for the farmers, and we’re also going to be working with the Farm Credit Bureau to make sure that farmers have what they need for next year’s planning,” Bessent said. “It’s unfortunate that Chinese leadership has decided to use the American farmers, soybean farmers in particular, as a hostage or pawn in the trade negotiations.”
China has stopped buying U.S. soybeans altogether since May, which likely stems from the current trade war between Washington and Beijing. The lack of U.S. soybean sales by China is reportedly costing U.S. farmers billions in lost revenue.
Trump has said that soybean sales will be a major topic of discussion when he meets with Chinese President Xi Jinping in three weeks.
Source: Politico