Trump administration announcing $12 billion in one-time payments to farmers

The Trump administration is announcing $12 billion in one-time payments to farmers in the wake of this year's tariff hikes, according to the White House.

The payments are targeted at row crop farmers and will be announced during a roundtable event hosted by President Trump Monday, featuring farmers affected, Treasury Secretary Scott Bessent and Agriculture Secretary Brooke Rollins, said a White House official speaking on background because they were not authorized to speak on the record.

The move comes as the administration looks to placate economic concerns from key Trump constituencies as the tariff effects play out but also on the heels of a trying few years for row crop farmers.

"President Trump is helping our agriculture industry by negotiating new trade deals to open new export markets for our farmers and boosting the farm safety net for the first time in a decade. Today's announcement reflects the President's commitment to helping our farmers, who will have the support they need to bridge the gap between Biden's failures and the President's successful policies taking effect," said White House spokeswoman Anna Kelly.

The money will be coming from the USDA's Commodity Credit Corporation, which Trump also used to give farmers economic aid in his first term.

This is a developing story and will be updated.