Let’s see. Farmers are consistent supporters of Trump and his policies. And because they are a powerful political lobby, they will successfully be reimbursed for the massive losses imposed by Trump tariffs. The rest of us can go take a flying leap. Via the Wall Street Journal:
You knew it was coming. As President Trump’s tariffs damage farmers and businesses across the U.S., the victims are besieging the Administration for relief. The long lines at the Commerce and Agriculture departments are the latest proof of self-destructive tariff folly.
Soybean farmers appear to be next in line, as their main export market in China has shrunk as Beijing has retaliated against the Trump tariffs. China has turned to growers in Argentina and Brazil as alternative soybean suppliers. U.S. soybean exports to China totaled 218 million bushels through August this year, down sharply from 985 million bushels in 2024.
The industry is understandably seeking help from the Administration that is the source of its trouble. One idea would be to negotiate a deal that gets China to repeal its 23% tariff on U.S. soybeans. But instead the Trump Administration is considering a bailout plan with direct payments to farmers.
CNN reports the bailout could be as large as $10 billion to start, and don’t be surprised if it’s more. The farm economy is struggling this year owing to tariffs as well as the shortage of labor amid Mr. Trump’s mass deportation plans. Exports typically account for some 20% of U.S. agricultural production.
