Trump to supply $12 billion taxpayer bailout for farmers harmed by his tariff insurance policies | EUROtoday

President Donald Trump will announce a $12 billion program that may see the Department of Agriculture dole out as a lot as $12 billion in taxpayer funds to bail out American farmers who’ve been hit onerous by low crop costs and decreased demand for his or her merchandise on account of the president’s tariff insurance policies.

A White House official confirmed to The Independent that Trump would unveil this system on Monday throughout a roundtable occasion on the White House alongside Treasury Secretary Scott Bessent and Agriculture Secretary Brooke Rollins.

The bailout will draw as a lot as $11 billion for one-time funds to farmers underneath a brand new program from the Department of Agriculture referred to as Farmer Bridge Assistance, plus one other billion allotted to crops that aren’t coated by the primary program.

The official additionally mentioned this system could be open to farmers whose adjusted gross revenue for the final two tax years was underneath $900,000, with the funds the farmers will obtain to be decided by what number of acres of crops they report back to the division.

Farmers could have till December 19 to use, with the fee charges being launched by the top of the month.

The administration expects the bailout program to be accomplished by the top of February 2026 if not earlier than.

News of this system, which was was first reported by Bloomberg, comes as Americans are reeling from increased costs on imports from almost each American buying and selling accomplice brought on by Trump’s tariff insurance policies, that are presently the topic of a pending Supreme Court case that would end in lots of the import taxes he has levied underneath emergency powers being thrown out.

Farmers have been hit notably onerous by the barrage of tariffs, as U.S. buying and selling companions akin to China have clamped down on their purchases of American agricultural merchandise in retaliation for his or her merchandise being taxed by the United States.

According to the Agriculture Department, China has progressively elevated soybean purchases after an October settlement between Trump and Chinese president Xi Jinping meant to de-escalate a few of the Sino-American commerce tensions.

The division mentioned China has bought 2.25 million tons of soybeans because the finish of October, roughly a sixth of the 12 million tons Beijing purportedly pledged to buy.

Trump had floated the thought of utilizing tariff income to assist the farmers harmed by those self same tariffs, however in accordance with the White House the funds for the $12 billion bailout will come from the Farm Service Agency.

He beforehand gave $28 billion in taxpayer handouts to farmers harmed by tariff insurance policies throughout his first time period.