Farm bankruptcies have surged to the highest level since 2021
American farmers are facing a challenging year as trade wars, high costs, labor shortages, and declining commodity prices squeeze their profits.
Farm production expenses are projected to hit $467.4 billion in 2025, up $12 billion from last year, while bankruptcies have surged to the highest level since 2021.
To help, the White House is preparing a $10 billion to $14 billion bailout, considering two main approaches: giving farmers a share of tariff revenue or utilizing the Department of Agriculture’s Emergency Commodity Assistance Program.
President Donald Trump has urged his team to act quickly, highlighting both the economic and national security importance of supporting US farmers.
Soybean cultivators are particularly hard-hit, losing China—their top export market—due to retaliatory tariffs.
Trump plans to make soybean trade a priority during his upcoming meeting with Chinese President Xi Jinping, aiming to restore exports and stabilize the farm economy.