US to pay farmers up to US$16 billion for tradewar losses
WASHINGTON/CHICAGO - The US government will pay American farmers hurt by the trade war with China between US$15 and US$150 per acre in an aid package totalling US$16 billion, officials said on Thursday , with farmers in the South poised to see higher rates than in the Midwest.
Democrats criticised the move, saying farmers needed fair trade instead of a bailout. Agriculture Secretary Sonny Perdue argued that US farmers were disproportionately hurt by the trade dispute and that the new round of aid was justified. "There were a number of factors from last year's programs that we wanted to correct," USDA Chief Economist Rob Johansson said in a call with reporters.
The program covers 29 commodity crops, including soybeans, corn, wheat, sorghum and upland cotton. It also covers dairy and hog farmers, as well as farms that grow 10 specialty crops - including almonds, pistachios, walnuts, cranberries and fresh sweet cherries. To be eligible for payments, crops must be planted by Aug 1, 2019, the USDA said. The number of farm acres that could not be planted was at a historic level this year because of Midwest flooding, officials said, further straining the farm economy.
The National Cotton Council said there had been significant cancellations and deferrals of US cotton sales to China over the past year.
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