Facing a surge in bankruptcies and plummeting crop prices, American farmers could soon see a multi-billion-dollar rescue package from the White House as President Trump moves to address the fallout from his own trade war. Trump is now considering a bailout for the agriculture industry that could reach $14 billion, sources tell the Wall Street Journal and CNN. Two main options are on the table: using revenue from tariffs on imported goods or tapping into the Department of Agriculture's Emergency Commodity Assistance Program—or possibly a mix of both. The Trump administration pulled $10 billion from that same fund in March, also to shore up farmers.
Farm bankruptcies have reached their highest level since 2021, with soybean farmers feeling the brunt of the trade fallout. Once America's top agricultural export, soybeans have taken a nosedive after China, reacting to US tariffs, imposed a 20% duty on the crop. Beijing stopped buying American beans, turning instead to South American growers, snapping up Argentine soybeans and tightening ties with Brazil. With the harvest underway and patience running thin, farm groups are urging the administration to secure a trade deal with Beijing. Trump, meanwhile, has pledged to not "let our farmers down," and is pressing his team—especially Agriculture Secretary Brooke Rollins and Treasury Secretary Scott Bessent—to act quickly. An announcement could come as soon as Tuesday, per the Journal.
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