Trump administration considers bailout for farmers

• Following China’s announcement that it will implement counter-tariffs against American products, farmers fear those measures might affect them. As a result, the Trump administration may finance a bailout for farmers.
• Soybean prices have fallen, and the cost of equipment, pesticides and fertilizers could rise due to the new levies.
• Agriculture Secretary Brooke Rollins hinted at a bailout similar to the one in the first Trump administration, which totaled more than $20 billion.

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Chinese counter-tariffs to President Donald Trump’s Wednesday, April 2, tariff announcement would target American agricultural products. Now, the Trump administration may finance a bailout for farmers.

Following Trump’s tariff announcement, China announced it would impose a 34% counter-tariff on the U.S. and place restrictions on food imports.

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What type of goods would be subject to such counter-tariffs?

Farm groups warned that retaliatory tariffs targeting American agricultural exports could harm prices for corn, soybeans, cotton and other crops. Such tariffs would hurt their bottom line.

Soybean prices already fell nearly 20% over the past year.

Tariffs could also impact the price of equipment, pesticides and fertilizer.

What are farmers and their advocates saying?

North Carolina Republican Sen. Thom Tillis said the Trump tariff policy and implementation could cause irreparable damage to farmers.

“We hope there will be a bailout; if we don’t get something, it will be quite a disaster,” sorghum and cotton farmer Barry Evans told The Wall Street Journal.

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What might farmers look forward to when it comes to a bailout?

Agriculture Secretary Brooke Rollins remarked on CNN that the previous Trump administration spent about $25 billion to $28 billion on farmers to mitigate the impact of tariffs.

In December 2024, Congress approved $20 billion in relief aid for farmers due to a downturn in the agriculture market.

Currently, it’s planting season, and Rollins mentioned that the administration won’t know until summer or early fall what the exact amount of the bailout will be.