Economics

Thousands of farms set to go bankrupt as grain farmers in particular hit by trade disruptions caused by price hikes

Donald Trump, having promised to “NEVER LET OUR FARMERS DOWN”, appeared to come through for them this month when he unveiled a $12bn aid package. Industry leaders say thousands of farms will still go bust this year.

While the US president has vowed to increase domestic farm production, and even claimed this formed a “big part” of his plan to lower grocery prices for Americans, many US farmers are grappling with mounting financial issues – compounded by Trump’s agenda.

Grain farmers, in particular, have been hit by trade disruptions caused by tariff hikes, and $11bn of the US Department of Agriculture’s Farmer Bridge Assistance Program will go to row-crop farmers. Trump’s trade war with China has hit soya bean farmers the hardest, as China bought 54% of US soya bean exports last year, according to the American Soybean Association.