Trump promises farmers more trade aid if needed
President Donald Trump tweeted today, “If our formally targeted farmers need additional aid until such time as the trade deals with China, Mexico, Canada and others fully kick in, that aid will be provided by the federal government, paid for out of the massive tariff money coming into the USA!”
Trump is not technically accurate when he says that he will pay for the trade out of the tariffs. The money comes from the Commodity Credit Corporation, an entity set up in the 1930s to distribute aid to farmers. The CCC, a USDA division, has a line of credit at the Treasury Department, which Congress replenishes.
Agriculture Secretary Sonny Perdue has told farmers not to expect more trade aid this year.
The Trump administration has already paid out a total of $28 billion in trade aid through purchases to farmers, trade promotion and purchases of food items for distribution.
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I remember my dad saying, “Those who do not know history are doomed to repeat it.” But before we get to the history lesson, consider this: