Trump Provides Billions In Relief To Farmers Impacted By Tariffs

President Donald Trump announced a $12 billion bailout for American farmers on Monday afternoon as many farmers have taken a blow due to the president’s tariffs.

Most of the $12 billion aid package will go toward one-time payments for farmers, especially soybean farmers, whose industry has taken a massive hit from Trump’s steep tariffs on China, Bloomberg reported. Up to $11 billion will be provided to farmers under the Department of Agriculture’s new Farmer Bridge Assistance program. Trump was joined by soybean, corn, cotton, sorghum, rice, cattle, wheat, and potato farmers at the White House for the announcement.

Trump said that the $12 billion for American farmers will come from the “hundreds of billions of dollars” the United States has collected in tariff revenue. The United States has brought in around $260 billion in tariff revenue this year alone.

Trump blasted former President Joe Biden’s economic policies that he said hurt American farmers, adding that under the Trump administration, farmers would be “put first.”

“Farm bankruptcies under Joe Biden went up 55%. That’s not good,” Trump said. “But now we’re once again in a position where a president is able to put farmers first. Unfortunately, I’m the only president that does that.”

Trump’s financial aid will help a farming industry that relies heavily on exports to foreign nations. Around 25% of soybeans grown in the United States are exported to China, according to The Wall Street Journal.

After Trump rolled out his tariffs on China earlier this year, the communist country completely cut off its imports of American soybeans until it reached a deal with the Trump administration in late October. Soybean, wheat, and corn farmers have already lost an estimated $13 billion due to the president’s trade war, according to a farm group study.

National Economic Council Director Kevin Hassett hinted at the administration’s farm bailout in early October, calling the plan “clever and generous.” The farm aid rollout was delayed due to the record-long government shutdown that lasted from October 1 to November 12.

After the United States and China struck a deal to lower tariffs, China pledged to purchase 12 million tons of American soybeans by the end of the year. Since the end of October, China has purchased just over two million tons, according to Bloomberg. U.S. Trade Representative Jamieson Greer said on Sunday that China is so far complying with its agreement.

“With China, it’s always we verify, and we monitor, and we watch the commitments. The commitments are quite specific,” Greer said during an appearance on “The Sunday Briefing” on Fox News. “So all of these things that we’ve agreed to with the Chinese recently are very concrete, we can monitor them with some ease, and so far, we’re seeing that they’re in compliance.”

Farmers have argued that they need government help to pay off debt and plan for next year’s crops. They make up a large part of Trump’s base and have continued to back the president. In the 2024 election, Trump’s support among farming communities increased nationwide compared to 2020 and 2016. Trump won 78% of the vote from farming counties in 2024, two points better than he fared in 2020 and five points better than in 2016.

During his first term, the president allocated $28 billion to farmers affected by his administration’s tariffs on China.