The Trump administration is planning to announce later today billions of dollars in aid to farmers hurt by tariffs, reports Politico.
The administration's plan will use two commodity support programs in the farm bill, as well as the Agriculture Department’s broad authority to stabilize the agricultural economy during times of turmoil.
Trump's moves to slap tariffs on imports from some of America‘s largest trading partners have prompted retaliation against U.S. farm goods like pork, beef, soybeans, sorghum and a range of fruits.
Note this is typical economic distortion central planning activity.
This is how central planners operate. They interfere with free markets, in this case via tariffs, which cause other distortions and problems and so they react with more interventions.
In June, I wrote:
Prediction: Trump is going to get more Hooverian.
As Secretary of Commerce, Herbert Hoover was involved in introducing subsidies for farmers. I expect Trump to initiate subsidies for farmers and other groups hurt by retaliatory tariffs.
...and so the Trumpian planned economy will continue to accelerate.
"Every step which leads from capitalism toward planning is necessarily nearer to absolutism and dictatorship."- Ludwig von Mises, Omnipotent Government.
Of course, this march toward more interventionism will be financed with your tax dollars.
Watch you wallets Trump fanboys.