US: Trump Trade War Helps Push Farmers Into Record Number Of Bankruptcies - PressFrom - US
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USTrump Trade War Helps Push Farmers Into Record Number Of Bankruptcies

05:10  12 february  2019
05:10  12 february  2019 Source:   huffingtonpost.com

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Hard times for farmers got tougher with President Donald Trump ’s trade war . Now Midwestern farmers are filing the highest number of bankruptcies in a Twice as many farmers in Illinois, Indiana and Wisconsin declared bankruptcy last year compared to 2008, according to statistics from

President Donald Trump ’s trade war is magnifying some of the toughest farm conditions since the It’s “clear that we are at a tipping point for a growing number of producers,” said Marc Knisely, CEO of The outcome of the trade talks could help ease the economic pressure on farmers and ranchers

Trump Trade War Helps Push Farmers Into Record Number Of Bankruptcies© TomasSereda via Getty Images Setting sun.

Hard times for farmers got tougher with President Donald Trump’s trade war. Now Midwestern farmers are filing the highest number of bankruptcies in a decade, according to a Wall Street Journal analysis of federal data.

And farmers aren’t hopeful about this year.

Twice as many farmers in Illinois, Indiana and Wisconsin declared bankruptcy last year compared to 2008, according to statistics from the 7th Circuit Court of Appeals, the Journal reported. Bankruptcies in states from North Dakota to Arkansas leaped 96 percent, according to figures from the 8th Circuit Court of Appeals.

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The number of bankruptcies among farmers in the United States is skyrocketing thanks to the decrease in crop exports that the trade war has 84 small farms here in the United States, all located in the midwest have filed for bankruptcy and it's all because of Donald Trump 's seemingly endless

Trump ’s trade war continues to wreak havoc on farms in the Midwest, with a sharp increase in And Trump ’s trade war is playing a significant role in driving these farmers into bankruptcy . Some farmers are simply throwing in the towel. Wisconsin has seen the number of licensed dairies drop by

Farmers are being battered by sinking commodity prices — and stiff tariffs from China and Mexico in retaliation for Trump’s tariffs on imports.

The new 11-nation Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) treaty last year slashed tariffs — but not for U.S. farmers since the Trump administration pulled out of negotiations. That drove customers to farmers and ranchers in competitive countries, like Australia, serving another dunning blow to American operations.

Farmers fear it will take years to rebuild those trading relationships.

According to figures from the U.S. Agriculture Department, farm income last year was about 50 percent of what it was in 2013, the Wisconsin State Farmer reported.

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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, according to the Minneapolis Star Tribune. That’s more than double the number of Chapter 12 filings

Farmer Ryan Mickelson walks through a field of soya beans on Friday in Duncombe, Iowa. Trump promised and said nothing is going to happen to us farmers but since this came out and tariffs took “I hope this is one little hiccup. I think things in the long run will help , fair trade is fair trade and we have

The dairy industry was hopeful about meeting growing demand in China, but now trade is a major stumbling block. “The problem is that both nations have stubborn leaders,” Mark Stephenson, director of dairy policy analysis at the University of Wisconsin at Madison, said at an agricultural forum last week in Madison.

Soybeans were also a major victim. “Agriculture prices live and die by exports. In all commodities, we’re heavily dependent on China, especially for soybeans,” Kevin Bernhardt, agribusiness professor at the University of Wisconsin in Platteville, told the Milwaukee Independent.

Government subsidies to farmers were up 18 percent last year over the previous year, due to the $4.7 billion in tariff aid and $1.6 billion in disaster payments for farmers impacted by hurricanes, floods and other disasters. But it wasn’t enough to stave off the end for some.

This article originally appeared on HuffPost.

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