US farmers say Trump’s $12 billion aid package won’t cover losses

U.S. farmers facing steep losses this year welcomed President Donald Trump’s $12 billion aid package announced on Monday, but said they would need more than that to fully offset low crop prices and lost export opportunities from his trade war. The aid will help farmers prepare for the next planting season, said five farmers and agricultural groups, four agricultural economists and three bankers. Yet they added that it is a fraction of farm losses and will not rescue the sagging farm economy. “This support will serve as a lifeline for those simply trying to make it to next year. But it is just a lifeline, not a long-term solution,” said Mike Stranz, vice president of advocacy at the National Farmers Union. Farmers have been saddled with low crop prices, higher costs for labor and inputslike fertilizer and seeds. Meanwhile, exports of crops like soybeans have declined due to Trump’s trade disputes. Farm losses this year range from $35 billion to $44 billion for the nine major ...