U.S. farm bankruptcies in September surged 24% to their highest level since 2011 amid strains from President Trump’s trade war with China and a year of wild weather.
Growers are also becoming increasingly dependent on trade aid and other federal programs for income, according to figures in a report by the American Farm Bureau Federation, the nation’s largest general farm organization.
The squeeze on farmers underscores the toll that China’s retaliatory tariffs have taken on a critical Trump constituency as the president enters a reelection campaign and a fight to stave off impeachment. The figures also highlight the importance of a “Phase 1” deal the administration is currently negotiating with Beijing to increase agriculture imports in return for a pause in escalating U.S. levies.The Los Angeles Times:
A blast from the past: