Trade wars trigger maximum number of US farm bankruptcies since 2020
After years of low crop prices and rising costs, America’s small farmers are facing a crisis caused by high interest rates, a tariff war, and a sharp decline in demand from China.
In the first half of the year, small-business bankruptcies among farmers and fishermen reached their highest level since 2020, the latest in a similar cycle of low prices. Farm debt is expected to reach $561.8 billion this year, also a record, according to the U.S. Department of Agriculture.
Soybean, corn, and pork producers have been among the hardest-hit farmers in recent years as China has begun buying more produce from competitors in Brazil and other Latin American countries, Bloomberg reported. Before President Donald Trump’s first term in 2017, U.S. farmers dominated the Chinese import market.
While the USDA projects net farm income to grow in 2025, much of that growth is driven by government support. Income from crops like corn and soybeans continues to fall. Overall farm income has declined over the past two years.
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