The Trump administration is exploring the use of a New Deal-era agency to salve financial wounds US farmers have suffered from its trade battle with China.
Beijing is on July 6 set to raise duties by 25 percentage points on $34bn of US goods in retaliation for tariffs imposed by the White House. Among the biggest targets are soyabeans, the largest agricultural export to China.
The threat has pushed the US soyabean market below $9 a bushel, an unprofitable price for many farms. Last week, futures slid a further 4 per cent.
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