Trump announces $16 billion bailout for farmers hit by trade war with China

The Trump administration unveiled a $16 billion aid package for farmers hurt by the ongoing trade war with China, the second such deal intended to help limit the losses from Chinese tariffs.
3:30 | 05/23/19

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Transcript for Trump announces $16 billion bailout for farmers hit by trade war with China
So we're here with the vital. Action support for the American. Farmers. People that we love people that have. On for a long time and they've done really well and they have ups and they have downs says while business but you wouldn't trade for anything I know that it. I know that 100%. We're grateful to be joined by secretary of agriculture Sonny Perdue says thank you very much. Thanks also to. Representatives. GT Thompson thank you. Thank you very much Lloyd Smucker. And Mike Connelly thank you loans appreciate the government's been helpful. Along with the Missouri. Agriculture director Chris Chen thank you here's chip. Also witnessed it as several of our nation's. Greatest farmers including American farm bureau president zippy Duval. Me. He's been so good to me. It much. Along with members of the farm groups representing producers of corn soybeans wheat and pork. For years our politicians. Have allowed other countries to steal our jobs. Punish our workers and target American industry. And American agriculture. I can't say this is just the Democrats but a particularly the Democrats have done absolutely nothing. About this. You know the United States has been taken advantage of for many years by many countries but nobody is done it like China. Ed these chronic trading abuses my administration took necessary. And very lawful action to protect America's economy security and farms. We're taking swift action. To remedy all of the injustice that's been done over the years. In particular. You could say without farmers. The patriots they stood up and they were with me they didn't say oh you shouldn't do this because we're gonna have a bad year. Because they've had twenty bad years if you really let you take a look at those charts weight back longer than that. It's just been a steady spiral down. So we will ensure that our farmers get the relief they need. And very very quickly. Good time to be a farmer to make sure that. So today I'm announcing that I have directed secretary Purdue to provide. Sixteen billion dollars. In assistance to America's farmers and ranchers it all comes from China. We'll be taking in over a period of time hundreds of billions of dollars in tariffs. And charges to China. And our farmers. Will be greatly helped. We want to get a back to the point where they would have had of the had a good year. To support for farmers will be paid for by the billions of dollars our treasury. Takes in will be taken in. Depending on what period of time we're talking in many billions of dollars far more than the sixteen billion we're talking about. But the sixteen million of funds will help keep by cherished farms thriving. And make clear that no country. Has Vito. On America's economic and national security. Can't let that happen ever.

This transcript has been automatically generated and may not be 100% accurate.

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