"We're going to take some of that tariff money that we made, we're going to give it to our farmers, who are, for a little while, going to be hurt until the tariffs kick into their benefit,"
"So we're going to make sure that our farmers are in great shape, because we're taking in a lot of money."
"The frustration is overwhelming,"
"The farm economy is suffering while our competitors supplant the United States in the biggest soybean import market in the world."
The administration plans to use revenue collected from tariffs to provide financial assistance to farmers affected by the trade war. Agriculture officials have said the option is under consideration while the White House had no immediate public details about bailout specifics. Farmers report significant economic strain, with soybean markets shifting to Argentina and Brazil and Chinese purchases of U.S. soybeans halting since May. Argentina removed its soybean export tax, prompting large purchases by China. Corn prices have plunged more than 50% from 2022 peaks while production costs remain elevated, intensifying farm-sector stress.
Read at Fortune
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