On Thursday, May 23, the Trump administration announced that it will roll out a $16 billion farm aid package to help farmers impacted by the U.S.-Chinese trade war.
According to U.S. Agriculture Secretary Sonny Perdue, more than 90 percent of the total farm aid package will consist of direct aid payments to farmers and producers. Of the total package, $14.5 billion will be directed straight to farmers, Perdue says.
The funding for the aid package will be drawn from the Commodity Credit Corporation, which is an Agriculture Department entity. The CCC provides up to $30 billion in funding per year, and the funds do not require congressional approval.
AMP will continue to follow this story. Check back for updates tomorrow.