TIPTON COUNTY, Ind. -- Hoosier farmers who are caught in the middle of President Donald Trump's trade war are in line to get some financial help, especially those who produce soybeans.
The price of soybeans has dropped significantly since the trade war began and right now it is unclear how long those price drops will remain.
The Trump administration announced a $12 billion package this week that's meant to help American farmers who are impacted by the trade war against China and other countries.
READ | Trump aids farmers amid trade war | Trump administration plans to help farmers hurt bytradewar
Tipton County Farmer Bill Peters says his family has been raising soybeans for six generations and its a tradition he wants to continue, which means he'll have to accept help from the bailout.
"Farmers in general and I would say everyone would agree, we don't like taking aid to try to get us by," said Peters. "Our solution would be to get this trade war solved."
U.S. Senators Todd Young (R) and Joe Donnelly (D) both have released statements on the bailout.
Young:
"I understand what the administration is attempting to accomplish, but Hoosier farmers need fair and accessible export markets, not handouts. I have and will continue to urge the administration to work in close concert with our allies to develop a targeted response to illicit trade practices from bad actors, such as China."
Donnelly:
"There is no question that Hoosier farmers are in need of assistance, and I support the Administration’s effort to provide short-term aid. I remain very concerned, however, about the potential lasting harm to Hoosier farmers and businesses who have worked a lifetime to develop access to international markets that are now being lost to products grown and manufactured in other countries. I share the President’s desire to crack down on bad actors in the international marketplace, particularly China, but I fear the Administration has lost sight of the goal to create a level playing field for farmers, steel producers, and manufacturers. It’s time for the Administration to put forward a long-term plan that allows Hoosier farmers and businesses to sell their high-quality products all over the world."
Farmers can sign up for the government bailout program starting this September.
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