Farmers haven’t seen a dime of Trump’s $12B relief plan: John Boyd Jr.

Yahoo Finance Video and Julie Hyman

Tue, February 24, 2026 at 3:00 AM GMT+9

Under President Trump’s tariff regime, one of the biggest groups affected by the administration’s trade policies has always been farmers. As Trump now looks to impose a new 15% global tariff rate on Tuesday after the US Supreme Court struck down his sweeping polices last week, what will this all mean for American farmers?

National Black Farmers Association (NBFA) founder and president John Boyd, Jr. comes on Market Catalysts to speak with Julie Hyman to explain how the Trump administration’s $12 billion aid package for farmers has reportedly never been paid to farming operators, all while commenting that American farmers continue to see billions of dollars in soybean losses (ZS=F, ZL=F) over the US trade spat with China.

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Video Transcript

00:00 Speaker A

One of the constituencies in the US that has been hard hit by the tariffs have been farmers.

00:06 Speaker A

Now I want to bring in John Boyd Jr., National Black Farmers Association founder and president to talk more about this.

00:15 Speaker A

John, it’s great to see you again. Of course, the administration had announced a $12 billion dollar aid package for farmers because of the tariffs.

00:26 Speaker A

Now there’s some sort of changes to the tariffs. Talk to me about what you all know as farmers at this point. How all of this is going to affect you?

00:38 John Boyd Jr.

Well, first of all, thank you for having me and and uh we still see this as a huge victory for me and and the NBFA. We stayed the course to to tell people that the president’s tariffs was bad for America’s farmers, uh that they were hurting America’s farmers and we lost uh $55 billion dollars in soybeans alone, uh due to uh President uh Trump imposing tariffs to China.

01:00 John Boyd Jr.

And he went to uh Iowa uh several weeks ago and said that uh the 12 billion dollars uh for the relief package have been paid out to America’s farmers and asked those in the audience

01:14 John Boyd Jr.

had they received checks and and and people put their hands together. Not a dime has been paid of that $12 billion dollars.

01:21 John Boyd Jr.

The president went from a a 15 dollar a $15 billion dollar bailout proposal and then he said that we would get uh 12 billion in in December and November and uh December and January and February.

01:34 John Boyd Jr.

And now I’ve got an email that says that uh those payments uh the sign up period has been extended to April. So, all in short, the president hasn’t been truthful to the American public. We have not received the money and that’s what the president does. He says these things and he’s not held accountable.

01:52 John Boyd Jr.

This was a hard no for the president, uh 63 from the Supreme Court who generally rules in his favor. They said that his tariff was illegal and and now he’s trying to find other ways to to put something else in another 150 days on a 10 or 15% tariff.

02:08 John Boyd Jr.

That’s what he does, but uh in in the short term, we won is a huge victory for us and and the Supreme Court for the first time told this president no.

02:18 Speaker A

So, so what does this mean, John for um for products that you’re selling into China, for example? Because it seems like the tariff rate will be, you know, much lower than it had been under the other tariffs at 15%.

02:37 Speaker A

So does that mean that that market is going to be more open to you all than it had been?

02:45 John Boyd Jr.

Well, first of all, this president has be has he has to be amenable to uh go out and rebuild those relationships. Those relationships have been damaged uh with Canada. He’s uh a Canada one of our best trading partners. The the president has imposed tariffs on them and and made it difficult for fertilizer and wheat and all those things to trade. Uh Mexico, he he’s constantly doing something there who

03:07 John Boyd Jr.

is the number one purchaser of US grown corn and and China who’s the was the number one purchaser of US grown soy beans. Those relationships have have to be rebuilt. Uh and and just it wasn’t that long ago, the president provided 40 billion dollars to Argentina and they uh undercut us and started selling uh soybeans directly to uh China. That’s uh that’s going to hurt the US market.

03:32 John Boyd Jr.

And then recently, the president wants to give them a more business by uh purchasing beef from from Argentina. I don’t I’m not sure what what’s going on with him and Argentina, but America’s farmers need help here. Uh farm foreclosures is up last year, we lost 15,000 farmers in this country and anywhere else that would be a national crisis, a farm crisis.

03:52 John Boyd Jr.

And the NBFA, we have 170 pending farm for closures that don’t have the resources uh uh to to meet their financial needs. If if there’s foundations and other companies that want to help us, please reach out because we need some help right now.

04:05 John Boyd Jr.

This administration did not allow me to attend an all farm uh the meeting that he had at the White House and there were all white farmers at the table. There were no black farmers at the table. There were no black farmers in the uh uh audience. And uh after I’ve made that public, uh the administration didn’t do anything about it, but they

04:22 John Boyd Jr.

turned right around and told the governor of Maryland that he couldn’t come to the White House. Uh so this administration has uh really, you know, they need really to go out and mend some fences here because what they’ve done has really made things bad for the American people. And uh we need someone that can lead this country, bring us back together and and uh mend some fences in this country.

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