Farm bankruptcies surging amid U.S.-China trade war
CBS News · Older
CBS News
Older
This week, President Trump is expected to announce billions of dollars in aid for the nation's farmers. Many are in financial crisis and may be forced to sell their crops at steep losses this year as China, once the largest buyer of the U.S. soybean exports, retaliates against U.S. tariffs.
Breakdown
- Farmers are awaiting details of a government aid package amid financial crisis.
- Farm bankruptcies have surged by 55% compared to the previous year-to-year period. 1m 25s
- Chinese tariffs on U.S. soy exports have led to steep losses for farmers. 1m 9s
- Experts warn that continued losses make recovery increasingly difficult. 1m 44s
- Farmers are expressing concerns about the future and the ability to pass on family farms. 1m 52s
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Global Tariffs
Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.