AG Sec: Farmer Aid Could Be Less Than First Estimated
The package may shrink due to new regulations in USMCA
The U.S. Department of Agriculture’s $12 billion package to offset farmers' losses from the imposition of tariffs American exports could end up shrinking after an agreement to update NAFTA was struck, Agriculture Secretary Sonny Perdue said on Tuesday.
“We will be recalculating along as we go,” Perdue said in a phone interview with Reuters, regarding the second tranche of the planned compensation, estimated at about $6 billion, which was first announced in July after U.S. and China imposed trade tariffs on each others imports.
China has traditionally been the biggest buyer of U.S. agriculture exports but it has been largely out of the market for several products, such as soybeans, since implementing levies on U.S. imports in retaliation for the Trump administration’s tariffs on Chinese goods.
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