(NewsNation) — The Trump administration is working on a package to help mitigate potential damage done by tariffs to U.S. farmers “if necessary,” Agriculture Secretary Brooke Rollins told NewsNation.
Rollins said President Donald Trump understands the “very thin” profit margins and unpredictable futures of America’s agricultural industry.
“The president has our farmers’ and our ranchers’ backs,” Rollins said on Wednesday’s “Morning in America.”
“We’re already putting together — if necessary, we’re hopeful it’s not necessary — but if necessary, a package that can mitigate a lot of that damage, if not all of it,” Rollins added.
China raises reciprocal tariffs on US to 84%
America’s agriculturists have been critical of Trump’s tariffs and the uncertainty they bring about. One farmer told NewsNation the tariffs are “very, very, very bad news” for agriculture in the United States, and Rep. John Garamendi, D-Calif., warned farmers are in for a “world of hurt” under the levies.
The concern is particularly strong among soybean and sorghum farmers, who export nearly half their products to Trump’s biggest target in the tariff tit-for-tat: China.
The East Asian country spent $24.65 billion on U.S. corn, beef, chicken and other crops last year.
On Wednesday, Trump’s threatened 104% tariffs on China took effect. In response, China raised its retaliatory tariffs on the U.S. from 34% to 84%, mirroring Trump’s 50% overnight increase.
The levies have sparked fears of a recession and stunted the stock market, leaving the S&P 500 hovering mere inches above the 20% index needed to put the U.S. in a bear market.
The Associated Press contributed to this report.
