USDA Details Trade Payments Alongside Mexico Deal

The USDA released details of it's plans to protect farmers from foreign trade retaliation. The department has authorized $12 billion for several programs, including:

* payments to certain producers starting Sept. 4,

* $1.2 billion in government purchases of targeted commodities, and

* $200 million to develop foreign markets for U.S. agricultural products.

The announcement came the same day that the Trump administration announced a preliminary U.S.-Mexico trade agreement. The White House said the preliminary agreement will feature new “rules of origin” requirements, stronger labor standards, and commitments to reduce trade-distorting policies for agricultural goods.