American farmers who have taken a hit in the trade war between the U.S. and China could get a minimum of $15 an acre from the government — thanks to a new aid program.
Agriculture Secretary Sonny Perdue told reporters Tuesday the finer details of the program will be unveiled before the end of the week.
But he said aid will likely be released in three tranches, or portions. Qualifying farmers will initially get about 50% of their projected total for the year, or a minimum of $15 an acre. The second and third tranches would be dependent on market conditions.
The plan is expected to cost $16 billion total. Last year, the USDA allocated about $12 billion in emergency aid to help farmers hurt by retaliatory tariffs from China.
President Donald Trump said trade talks with China were back on track after he met with China's president at the Group of 20 Summit in Japan last month. A source told CNBC Tuesday negotiators are expected to head to China soon to continue those talks.
