There is a "clever and generous" bailout coming for farmers as soon as the government shutdown ends, National Economic Council director Kevin Hassett said at an Axios News Shapers event on Wednesday.
Why it matters: The trade war has crushed the farm community, especially soybean farmers, who've seen their top export market — China — close completely.
Driving the news: In early October, Treasury Secretary Scott Bessent flagged that details of a bailout were coming as soon as Oct. 7.
- But the shutdown has snarled those plans, leaving farmers hanging in the middle of their harvest season.
What they're saying: "I expect that when the government opens that very soon after you're going to see what President Trump's plan for farmers is, but it's really quite clever and generous. I can say that," Hassett told Axios chief economic correspondent Neil Irwin of the impending bailout.
Yes, but: Hassett didn't say how big or where the money would come from.
- Trump has hinted at using tariff revenue to fund the bailout, though it's not clear under what authority.
- Reports have suggested the bailout could be at least $10 billion, which is less than trade-impacted farmers got in his first term.
What to watch: Whether the bailout is sufficient to help farmers who've lost a $13 billion export market with the doors to China closed.
Editor's note: This story has been updated with additional details throughout.
