Trump gives $16 billion in aid to farmers

WASHINGTON—President Donald Trump is delivering another $16 billion dollars in aid to farmers to offset the costs of the trade battle with China. U.S. Department of Agriculture Secretary Sonny Perdue said Thursday the payments will come in three separate installments, with the first one scheduled for July or August. He said it is unlikely the United States and China will reach a trade deal before then.

The latest bailout will be added to the $11 billion dollars Trump gave farmers last year. Perdue told Fox News that the Trump administration believes China is ultimately footing the bill for the relief via tariffs on an additional $200 billion of Chinese goods this year. China has retaliated with tariffs on products like soybeans and beef.

The Federal Reserve Bank of New York estimated Thursday that the tariffs will cost the average American household $831 annually. Trump said Friday he believes the U.S.-China trade war could end soon. The president is expected to meet with Chinese President Xi Jinping at a G-20 summit in June.