US farmers receive $14 billion so far in trade aid ahead of 2020 election

by   |  VIEW 120
US farmers receive $14 billion so far in trade aid ahead of 2020 election

On Wednesday, the 2nd of October 2019, an agency official of the US Department of Justice had revealed that the Trump Administration had laid off a hefty sum of $14.03 billion for US farmers as of September 30th under a promised $28 billion compensation package for the impacts of Washington’s 15-month-long trade abrasion with Beijing, in which the US farmers had bearded most of the brunt.

In point of fact, latest news on Trump’s aid pack for the US farmers, a significant scale of vote bank for the Republicans, came up on the heels of a much downbeat depiction of US economy, while US manufacturing activity had contracted by the most in more than a decade last month, potentially disrupting a stronger US Labour market which had been streamlining a stable money flow in to the United States’ domestic market.

Nonetheless, since China’s purchase of US farm good had tumbled to a multi-year low over the course of recent months, thousands of US farmers alongside small- and medium-scale farming businesses had abandoned their generations of farming business in the United States.

However, in order to prevent further downfall of US farming industry, the US department of justice had paid off a lump-sum of $5.43 billion during the latest round of aid, more than 30 per cent up from a $4.07 paid off in aid package by mid-September ahead of a US Presidential election scheduled to take place by 2020 yearend.

Besides, the US farmers, who had helped US President Donald Trump seize a surprise triumph in 2016 Presidential election had been among the hardest hit on Trump’s trade policy, while industry analysts were expecting further aid package to be announced by early 2020.

Further inside the bid, according to USDA Communications Director Michawn Rich said in an emailed statement, the agency had paid a hefty sum of $8.6 billion over the first round of Trump’s aid package.