Proposed Farm Bailout Could Affect Area Farmers
President Donald Trump has announced plans for a farm bailout to handle backlash to his trade deal.
The Trump administration plans to offer up to $12 billion in aid to farmers hit by tariffs on their goods, an emergency bailout intended to ease the pain caused by President Donald Trump's escalating trade war which led to retaliatory tariffs on goods like soybeans, pork, and beef.
"Since the tariffs have been imposed soybean farmers in Minnesota have lost hundreds of millions of dollars' worth of possible income and with harvest looming we need to know that we're going to be able to make up those losses," Minnesota Soybean C.E.O. Tom Slunecka said.
"Soybeans have gotten a lot of the attention because of China. About one in every three rows of soybeans we raise is exported to China they account for about 60% of the US exports of soybeans are a big deal but pork has been greatly impacted as well by reduction in exports to China and through NAFTA to Mexico most of our meat and livestock products, dairy and beef as well, impacted a lot," Ag Expert Kent Thiesse added.
The aid will come from a mix of programs overseen by the USDA.
"It could be direct aid it could be through the CCC program buying up excess product sometimes the USDA will come in and they'll buy up some of the surplus products like meat products, dairy products that type of thing so it might be a combination of those type of programs," Thiesse said.
"The most important thing is that we reestablish these markets, that we reestablish NAFTA. Farmers are happy that the administration recognizes the pain that this movement has put on us but long-term this is unsustainable, we have to regain those markets, we have to regain the trust with markets all across the world," Slunecka added.
With the announcement just occurring Tuesday it will be hard to predict what regions will receive aid but any kind of support can help offset what farmers in Minnesota and Northern Iowa have been facing.
--KEYC News 12.