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Agriculture Secretary Sonny Perdue. Photo: Alex Wong/Getty Images

Agriculture Secretary Sonny Perdue said Tuesday the U.S. government would pay a minimum of $15 per acre in aid to farmers impacted by President Trump’s trade war with China, Reuters reports.

Why it matters: The trade war has been crippling for U.S. farmers. Illinois Soybean Association CEO Craig Ratajczyk told Reuters the $15-per-acre minimum would make agricultural lenders more comfortable and "help provide some type of stability for that type of lending institution."

Details: The Market Facilitation Program payments would make up the bulk of a $16 billion trade aid package that the Trump administration announced in the spring to compensate farmers hurting from the trade war with China, according to AgriPulse. Perdue told reporters he'd release more information later this week, per AgriPulse.

"We are anticipating right now 3 tranches obviously, with about probably 50% or a minimum of $15 an acre initially. The other 2 tranches would be anticipating any market changes or looking at any market changes going forward."
— Agriculture Secretary Sonny Perdue

The big picture: Trade tensions with China appeared to ease during the G20 summit last month, where Trump and Chinese President Xi Jinping agreed to restart stalled talks. Trump said he wouldn't put new tariffs on China for the "time being." He said this month China was not fulfilling promises to buy U.S. farm goods, Reuters notes.

Go deeper: U.S. farmers fight to save Chinese soybean relationships

Go deeper

Updated 5 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.

10 hours ago - Technology

Officials warn 5 key tech sectors will determine whether China overtakes U.S.

Illustration: Aïda Amer/Axios

U.S. intelligence officials responsible for protecting advanced technologies have narrowed their focus to five key sectors: artificial intelligence, quantum computing, biotechnology, semiconductors and autonomous systems.

Why it matters: China and Russia are employing a variety of legal and illegal methods to undermine and overtake U.S. dominance in these critical industries, officials warned in a new paper. Their success will determine "whether America remains the world’s leading superpower or is eclipsed by strategic competitors."