Trump introduced new measures including federal loan guarantees and an update to renewable fuel standards to boost US agriculture, according to multiple reports. The Small Business Administration will administer loans with a 90% federal guarantee, up from 75%, to expand food production and supply and reduce grocery costs, the SBA said. The change to renewable fuel standards will boost the required volume of homegrown American biofuel, sources indicated.
Certain small businesses will become eligible for the loans starting 1 May, though the total aid amount for farmers and food suppliers remains unspecified. Fertilizer and diesel prices have jumped significantly due to the closure of the Strait of Hormuz, according to reports, but the current status and expected duration of the closure are unclear. Trump said his administration will take new measures to stabilize oil prices after prices rose sharply due to the war between the US and Israel against Iran, though the specific measures have not been detailed.