The Trump administration announced $12 billion in one-time payments to farmers in the wake of this year’s tariff hikes on Monday, primarily targeting farmers who grow crops such as soybeans and corn.
The move was outlined during a White House roundtable event, featuring farmers affected as well as Treasury Secretary Scott Bessent and Agriculture Secretary Brooke Rollins.
Trump touted the program in relation to the revenue the government is taking in as a result of his sweeping tariff program and also referenced his popularity among farmers.
“What we’re doing is we’re taking a relatively small portion of that, and we’re going to be giving and providing it to the farmers in economic assistance. And we love our farmers,” he said. “And as you know, the farmers like me, because, you know, based on, based on voting trends, you could call it voting trends or anything else, but they’re great people.”
The move comes as the administration looks to address economic concerns from key Trump constituencies as the tariff effects play out but also on the heels of a trying few years for row crop farmers.
Prices for row crops such as corn and soybeans have fallen in recent years, according to the Farm Bureau, and prices for inputs have risen over time. However, tariffs have also driven costs up on those inputs, including machinery and fertilizer.
The White House is calling the new policy the Farm Bridge Assistance program, saying it is intended to support farmers until Trump’s economic policies, such as lowering some taxes and imposing stiff tariffs, take greater effect.
“President Trump is helping our agriculture industry by negotiating new trade deals to open new export markets for our farmers and boosting the farm safety net for the first time in a decade. Today’s announcement reflects the President’s commitment to helping our farmers, who will have the support they need to bridge the gap between Biden’s failures and the President’s successful policies taking effect,” said White House spokeswoman Anna Kelly.
The money will be coming from the USDA’s Commodity Credit Corporation, which Trump also used to give farmers economic aid in his first term.
Trump framed the new aid program as a part of his attempt to respond to concerns about high prices. In introducing the topic, Trump dismissed Democrats’ recent emphasis on affordability.
“They have a tendency to just say, ‘This election’s based on affordability,’ and no one questions them,” he said. “Nobody says, ‘oh well, what do you mean by that?’ They just say the word. They never say anything else because they caused the problem. But we’re fixing the problem.”
Trump also said he would remove environmental regulations on large machinery, such as tractors, in an attempt to lower prices on those.
Tariffs, however, have weighed on those manufacturers. John Deere earlier this year estimated that tariffs would cost it $600 million dollars in 2025.
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