FILE PHOTO: U.S. and Iowa state flags are seen next to a corn field in Grand Mound, Iowa, United States, in this August 16, 2015 file photo. REUTERS/Jim Young/Files

CHICAGO (Reuters) - A new U.S. farm bill reflecting the budget goals of the Trump administration should provide crop insurance products that let farmers withstand economic slumps and also cut out waste in nutrition assistance programs, the U.S. Agriculture Department said on Wednesday.

USDA issued a broad set of principles it would like to see in the farm bill, which is written by Congress. The agency said some of its other priorities for the bill include encouraging younger farmers as well as opening up foreign markets for U.S. agricultural products.

“These principles will be used as a road map – they are our way of letting Congress know what we’ve heard from the hard-working men and women of American agriculture,” U.S. Agriculture Secretary Sonny Perdue said in a statement.

The current farm bill, which was projected to cost $489 billion over its five-year life, is set to expire this year.