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Trump announces US$16 bil. aid package for American farmers affected by trade war with China Updated: 2019-05-24 12:58:29 KST

U.S. President Donald Trump has announced a new 16 billion dollar aid package for American farmers hurt by the U.S.-China trade war,signaling that the world's two largest economies are still far from striking a trade agreement.

"So today I'm announcing that I've directed secretary Perdue to provide 16 billion dollars in assistance to America's farmers and ranchersit all comes from China."

U.S. farmers have been among the hardest hit from the trade snag between the two countries, as Beijing retaliated with import taxes on U.S. agricultural commodities like soybeans.
And to help the key constituency that helped Trump win the 2016 election,the U.S. Department of Agriculture will pay about 14.5 billion of the total aid directly to producers.
The aid package is the second bailout for farmers after a twelve billion dollar one issued in July last year.
The financial aid comes from a fund known as the Commodity Credit Corporation, established to stabilize farm income and prices by buying farmers' crops.
The latest relief package will be distributed in three installments, with the first payment due in July or August.

Meanwhile, calling China's telecoms giant Huawei dangerous, President Trump hinted the U.S. restrictions on Huawei may be lifted if a deal is reached.

"It's possible that Huawei would be even included in the trade deal. If we made a deal, I could imagine Huawei being possibly included in some form, some part of a trade deal."

On top of saving struggling farmers, the U.S. Commerce Department proposed a new rule to impose anti-subsidy duties on products from countries which undervalue their currencies against the dollar.
The new rule could put goods from not only China but also other countries, including South Korea, at risk of higher tariffs.
According to the department, the new rule could amend the normal countervailing duty process to include new criteria for currency undervaluation.
The Trump administration has long viewed China's yuan as undervalued against the greenback.
Kim Da-mi, Arirang News.
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