Trump administration announces $12 billion in one-time payments to farmers

The Trump administration has announced a $12 billion one-time payment program to aid farmers, primarily those growing soybeans and corn, who have been impacted by recent tariff hikes. This initiative, dubbed the Farm Bridge Assistance program, aims to provide support until President Trump's broader economic policies, including tax reductions and tariffs, yield greater effects. The funds will be drawn from the USDA's Commodity Credit Corporation. President Trump stated that the program utilizes a portion of the revenue generated by his tariff policies and highlighted his popularity among farmers. The announcement was made during a White House event with affected farmers and administration officials. This move addresses economic concerns within a key constituency and comes after several difficult years for row crop farmers, who have faced declining crop prices and rising input costs, further exacerbated by tariffs. White House spokeswoman Anna Kelly emphasized the program's role in supporting the agriculture industry and contrasting it with perceived failures of the Biden administration. The administration also plans to remove environmental regulations on large farm machinery to potentially lower costs for farmers. Tariffs have also impacted manufacturers like John Deere, which estimated significant financial losses due to these policies.