President Trump has unveiled a new $12 billion aid package for farmers hurt by low crop prices and the administration's tariffs. CBS News White House reporter Olivia Rinaldi has more.

Washington

President Trump has introduced a new aid package valued at up to $12 billion to assist American farmers impacted by low crop prices and tariffs. The announcement was made with Agriculture Secretary Brooke Rollins and Treasury Secretary Scott Besant, and is intended to offer bridge payments as farmers transition away from previous economic policies.

The package will primarily use tariff revenue to provide economic assistance, focusing on helping farmers purchase supplies for the next planting season. While $11 billion is immediately allocated, $1 billion will be distributed based on further input from farmers. Funds are expected to be available by February 28, 2026, with agricultural groups noting that additional support may be necessary.

Trump announces $12 billion aid package for farmers

This afternoon, President Trump unveiled a new multi-billion dollar aid package for farmers hurt by low crop prices and the administration's tariffs. Agriculture Secretary Brooke Rollins and Treasury Secretary Scott Besant were on hand with the president as he made the announcement, as well as growers of cattle, cotton, potatoes, and soybeans. President Trump described the package as bridge payments to smooth the transition away from the Biden-era economic policies and told Americans how it would work. This relief will provide much needed certainty to farmers as they get this year's harvest to market and look ahead to next year's crops. And it'll help them continue their efforts to lower food prices for American families. CBS News White House reporter Olivia Rinaldi joins us now. So, Olivia, tell us what's in this package. And right off the bat, I think we need to make it clear that people are also telling you, even though the president is blaming this on the previous administration, that his own current policies are also one reason why farmers are hurting. Lindsey, it's good to be with you. Let's talk about the package itself, because there was some discrepancy from when we spoke earlier this hour. The president said it was $12 billion, but his agricultural secretary, Brooke Rollins, says it's actually $11 billion that's going to be in that farmer bridge package, assistance package. That extra $1 billion, they are holding back and they are waiting to hear more from the farmers about where specifically that is needed most to help them. The president also said they're planning to use tariff money in order to send that to the farmers to help them in this time of need. He said we're going to be giving it, providing it to farmers in economic assistance. But it is the tariffs themselves that had caused part of this issue, at least for the soybean farmers, because during the trade dispute with China, they refused to buy any soybeans, meaning that this harvest this last year was basically a wash. And those soybean farmers really struggled with that. So what this assistance today is supposed to do is give farmers the opportunity to buy seed, fertilizer, other items they may need for next season's harvest, since they had such losses this year. So that is the goal of this money. It's not to help from what happened previously. Those losses are already baked in, but it's to help try to give them a leg up, some type of opportunity for the next season. So U.S. farmers have been advocating for this aid. Why? Well, the farmers I talked to, exactly what I just laid out right there, was that they have already lost so much. And they're a hardworking bunch, and they don't want to be on government assistance, but they do need it at this point in time. This is the crucial moment when they need it, so that they can accurately prep for next season. Rick Rollins in that Cabinet table meeting there just said that they're expected to get these funds by February 28, 2026. So in a couple months, they'll be able to actually have this money. But at least between then, they can go to their lenders, they can go to their farm banks and say, I'm expecting to get this much from the federal government. I need this amount in soil, feed, fertilizer, you name it, of what they need. And hopefully by then, they'll be in a good position so that they can harvest and produce enough for the Chinese, who have agreed to buy more soybeans, to actually be able to buy them. So this is just what's expected to be the first step in assistance. But of the ag groups I talked to, there's still a lot more that they need. Olivia, thank you so much.

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