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Photo: Sheng Jiapeng/China News Service/Visual China Group via Getty Images

Farmer subsidies from the Trump administration aimed at mitigating the effects of the U.S.-China trade war have reached $28 billion, about double the amount of money shelled out in the government bailout of Detroit automakers in 2009, Bloomberg reports.

Why it matters: Trump's bailout still doesn't cover all of the farmers' losses. The government has provided $973 million in aid to Iowa farmers during a trade war that is estimated to have cost them $1.7 billion in losses, according to Iowa State University researchers cited by Bloomberg.

The big picture: The farmers' losses are just another data point underscoring the negative effects that the trade war has had on Americans. It has led to bigger trade deficits with China, dented consumer sentiment and is weighing down the global economy, according to the International Monetary Fund.

Yes, but: Despite those losses, the trade war doesn't appear to have broken Trump's support in rural areas.

  • Trump had a 52% approval rating among people in rural areas in August, compared to a 40% approval rating overall, per Gallup.
  • Trump's support among farmers increased from 60% to 67% between 2018 and 2019, according to a Farm Futures poll taken this summer.

Go deeper: Tough times in farm country

Go deeper

2 hours ago - Politics & Policy

Bipartisan group of senators seeks coronavirus stimulus deal

Sens. Joe Manchin (D-W.V.) and Susan Collins (R-Maine). Photo: Drew Angerer/Getty Images

At least eight Republican and Democratic senators have formed an informal working group aimed at securing new coronavirus spending during the lame-duck session, a move favored by President-elect Biden, two sources familiar with the group tell Axios.

Why it matters: It may be the most significant bipartisan step toward COVID relief in months.

FCC chairman to depart in January

FCC Chairman Ajit Pai. Photo: Alex Wong/Getty Images

Ajit Pai will leave his post as chairman of the Federal Communications Commission on Jan. 20, the agency said today.

Why it matters: Pai's Inauguration Day departure is in keeping with agency tradition, and could set up the Biden administration with a 2-1 Democratic majority at the FCC if the Senate fails to confirm another Trump nominee during the lame-duck period.

Ben Geman, author of Generate
3 hours ago - Economy & Business

GM's shrinking deal with Nikola

Illustration: Rebecca Zisser/Axios

General Motors will no longer take an equity stake in Nikola Corp. or build its pickup truck, under a revised deal that still envisions GM as a key tech supplier for Nikola's planned line of electric and fuel cell heavy trucks.

Driving the news: The revised agreement Monday is smaller in scope than a draft partnership rolled out in September that had included a $2 billion stake in the startup and an agreement to build its Badger pickup.

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