US farms are going bankrupt at an alarming rate. Trump’s trade war is partially to blame.
More than 80 farms in the upper Midwest have recently filed for bankruptcy.
President Donald Trump’s trade war with China is making life harder for struggling American farmers.
A total of 84 farms in the upper Midwest filed for bankruptcy between July 2017 and June 2018
Farms that produce corn, soybeans, milk, and beef were suffering due to low global demand and low prices, according to economists, and Trump’s trade war is making the problem even worse. China has slapped billions of dollars worth of tariffs on US agriculture exports in response to Trump’s tariffs on Chinese products. Other countries, including Canada, have also added duties to US agriculture products in response to Trump’s tariffs on all imported steel and aluminum.
The problem has gotten so bad that the Trump administration launched a $12 billion aid package for US farmers coping with retaliatory tariffs that foreign countries have imposed on their products. In September, the government cut $25 million worth of bailout checks to the agriculture industry.