World News

U.S. farmers expected to get third tranche of trade aid despite Phase 1 deal: Perdue

WASHINGTON (Reuters) – U.S. Agriculture Secretary Sonny Perdue said he expected U.S. farmers to receive a third and final tranche of trade-related payments even after a Phase 1 trade deal with China was signed, Bloomberg reported on Thursday.

Washington and Beijing signed the pact on Wednesday, setting trade tensions between the two economic giants on pause, though some major outstanding issues remain.

Washington has sent two out of three parts of a $16 billion aid package announced in May intended to compensate farmers for losses sustained during the 18-month trade war. China imposed tariffs on key U.S. agriculture exports including soybeans and pork in retaliation for U.S. tariffs on Chinese goods.

(Reporting by Tim Ahmann and Eric Beech; Writing by Makini Brice; Editing by Sandra Maler)