USDA announces $16 billion aid program for farmers stung by tariffs
The U.S. Department of Agriculture announced a $16 billion assistance program Thursday for farmers affected by the current trade war with China.
This is the second straight year that the USDA has had to offer aid because of trade disputes with China. Last year the federal government provided $12 billion.
The current spike in tensions began earlier this month, when President Donald Trump raised tariffs on $200 billion worth of Chinese imports to 25% -- up from 10% -- and threatened to impose tariffs on another $300 billion worth of Chinese-made products.
On Monday, China announced that it would respond with a 25% tariff on more than 5,000 U.S. products, many of them agricultural products, starting June 1.