(NewsNation) — As many Americans prepare to give thanks, the Trump administration said U.S. farmers may have something to celebrate after a tough year.
Agriculture Secretary Brooke Rollins on Monday said her department is on the verge of announcing an expected $12 billion aid package for farmers hit by inflation and tariffs.
“We’ll have an announcement probably in the next week or two on what that’s going to look like,” Rollins told CNBC.
Rollins also said the department is in the home stretch for a soybean deal with China.
In October, Trump and China’s Xi Jinping met for face-to-face talks in South Korea, where Trump said Beijing agreed to buy 12 million metric tons of U.S. soybeans by January in exchange for lowered tariffs.
So far, China has purchased about 1.5 million metric tons. It has not yet confirmed the details of the agreement described by Trump.
Farmer cautiously optimistic about China deal: ‘There’s nothing left’
The expected aid is long-awaited news for soybean farmers, who have lost billions during recent trade disputes with China, their biggest buyer.
Minnesota family farm owner Bob Worth told NewsNation that if relief doesn’t come soon, many young farmers, like his son, will be forced to quit altogether.
“Our seed, our fertilizer, our chemicals, our rent that we pay for the land, interest rates are high. All these things are adding up and costing us more money,” Worth said. “And when you get less money for your product, there’s nothing left.”
He added that crops have been selling at a loss, costing farmers $100 to $200 per acre. Worth, a second-generation farmer, said he is cautiously optimistic about China’s alleged promise and its January timeline.
Even Rollins admitted there is a long way to go.
“Every sign is their commitment remains true that they will indeed buy or purchase 12 million metric tons or put the order in. It doesn’t mean we’ll move 12 million metric tons by the end of December,” she said, adding that soybeans are expected to move by early 2026.
The White House has insisted China will follow through.
“We have done a good, and very important, deal for our Great Farmers — and it will only get better … there has been significant progress on both sides in keeping our agreements current and accurate,” Trump wrote on social media Monday.