President Trump said he would increase purchases of U.S. farm products by as much as $15 billion, after China claimed it would retaliate for the administration’s higher tariffs on over $200 billion worth of goods from the Asian country, according to a report by Time Magazine.
The president said the government would buy the products “in larger amounts than China ever did” and send it to “poor & starving countries” for humanitarian aid.
In fiscal year 2017, the United States gave $3.62 million in food for foreign aid, according to the U.S. Agency for International Development.
Last month, the U.S. Agriculture Secretary Sonny Perdue said no additional aid was on the table for farmers, as far as he was concerned. The president, however, said last year that the administration would provide close to $12 billion in aid to farmers after China imposed retaliatory tariffs on the country’s agricultural products.
The markets have yet to react to the president's statements. Soybean, corn and wheat futures on the Chicago Board of Trade remained practically flat after the announcement.
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