Trump: “Maximize Agricultural Production to Lower Grocery Prices”
$12 billion is a one-time aid to soybean, corn, and other crop farmers
Democrats criticize, saying tariffs are pushing farmers to bankruptcy
On the 8th (local time), President Donald Trump attended a roundtable with farmers at the White House and announced a farmer support policy worth $12 billion (about 17 trillion won). This policy aims to assist farmers facing difficulties in selling agricultural products due to the tariff wars after Trump’s inauguration. It is seen as an acknowledgment that American farmers have been affected by the tariff wars.
During the meeting at the White House, Trump stated, “Twelve billion dollars is a massive amount,” and emphasized that maximizing domestic agricultural production is important for making America a great place to live and lowering food prices. The funds will be sourced from tariff revenues.
Trump said, “We are earning a lot of money from countries that have taken advantage of us for years, and we will return some of it to the farmers,” adding, “Farmers are the backbone of the American economy, and they like me. You can see it in the voting trends.”
Of the $12 billion, $11 billion will be disbursed as one-time aid to farmers cultivating soybeans, corn, cotton, and rice, among others. The remaining $1 billion will support specialty crops. Agriculture Secretary Brooke Rollins explained that these aid payments are to be completed by February 28 of next year.
In addition to Secretary Rollins, farmers were directly present at the meeting. Recently, the Trump administration has begun introducing measures related to economic policies as warning signals emerge regarding the cost of living and rising prices. The farmer support initiative announced is along the same lines.
Farmers traditionally support the Republican Party. However, dissatisfaction with the Trump administration has increased as soybean and sorghum exports have been hit by the tariff wars during Trump’s second term. Particularly after the tariff war with China, China’s effective halt on U.S. soybean imports has directly affected soybean farmers.
In October last year, Trump focused on this issue during a summit with Chinese President Xi Jinping in Busan, South Korea. Subsequently, the Chinese government promised to buy 12 million tons of soybeans, entering a ‘truce.’ However, so far, China has only purchased 2.8 million tons of soybeans, which is considered slow progress. Treasury Secretary Scott Besant stated that China would purchase the promised amount of soybeans by the end of February next year.
Farmers have expressed gratitude for the Trump administration’s support policy but maintain the view that they fundamentally need to be able to profit from the sale of agricultural products themselves. Caleb Ragland, chairman of the American Soybean Association, told AP News, “The initiation of support is a good thing,” but “We need to seek other financing opportunities and work towards market activation. What we truly desire is to sustain our living through the sale of agricultural products.”
Democratic Senate Minority Leader Chuck Schumer criticized on social media, stating, “Trump’s tariffs are burdening our farmers, increasing food production costs, and pushing them towards bankruptcy,” adding, “What farmers need is a market to sell, not compensations for a market he has ruined.”