Trump Administration Pays Foreign Company $62 Million in Bailout Meant to Help American Farmers
The Trump administration has reportedly paid out $62 million in bailout funds — which were meant to help American farmers — to a Brazilian meat-packing company that has actually benefited from President Donald Trump‘s trade war.
According to the New York Daily News‘ Chris Sommerfeldt, $62 million from a $12 billion bailout program — intended to aid American farmers hurt by retaliatory tariffs — has been given to a Brazilian meat-packing company that has actually reaped benefits from the trade war, and is being investigated by the Justice Department:
The Justice Department, meanwhile, is probing JBS for possible violations in the U.S. of the Foreign Corrupt Practices Act, according to filings in an unrelated court case reviewed by The News. Reuters reported in December that Justice Department investigators interviewed the Batistas in Brazil late last year as part of that investigation.
Nonetheless, Trump’s Agriculture Department issued $14.5 million in bailout cash for pork products from JBS in February and another $25.6 million earlier this month, totaling more than $62.4 million, according to the purchase reports.
…Moreover, JBS appears to have benefited from the trade tensions between Beijing and Washington that the bailouts are supposed to mitigate.
The company’s exports to China ballooned to more than 24% in 2018, compared to less than 21% the previous year, according to public records, raising questions about the need for the Trump subsidy.
On Thursday morning’s edition of MSNBC Live With Stephanie Ruhle, Politico economic correspondent Ben White told host Stephanie Ruhle that this bailout “is truly nuts,” and an indication of the “convoluted and weird” nature of the government bailing out farmers for damage done to them by government policies.
Watch the clip above, via MSNBC.
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