Soybeans are the United States' largest agricultural export. As the trade war drags on, China, America's biggest buyer, hasn't purchased any this year. The Trump administration could announce a more than $10 billion bailout this week, but farmers say their problems are much bigger.

American soybean farmers are facing substantial financial difficulties as the trade conflict between the United States and China continues. China, previously the largest buyer of US soybeans, has halted purchases, leading to a sharp decline in prices and forcing farmers to store their crops in hopes of a market recovery. 

While the US administration has proposed a multi-billion dollar bailout, many farmers argue that such aid is only a temporary fix. They express concern that if China establishes new trade relationships with other countries, US farmers could permanently lose access to this crucial market, impacting future generations and local economies.

Soybean farmer on how trade war with China is impacting his business

America's largest and most valuable export to China, do you know what it is? Soybeans. Well, they have crashed to zero because of President Trump's trade war. Farmers are feeling the pain big time, and the Trump administration could announce a more than $10 billion bailout this week. But farmers tell Janet Shamley their problems are much bigger than that. It's harvest season in America's heartland. Is this the prime harvest time in Southern Illinois? Yes, it is right now. But for soybean farmers like Scott Gaffner, it's a season of worry. Soybeans are the nation's largest agricultural export. But as the trade war drags on, China, America's biggest buyer, hasn't purchased any this year. We can't help but feel very anxious of wondering why it's taking so long to get this resolved. Are you angry? The farther we go into this season, the more we're going to lose. And China should have been buying our beans already, and they're not. It's like crickets. So he's storing what he's producing, hoping the market will turn. So we're going to lose probably about $2 a bushel this year. And how much does that mean overall? That means a lot. It means we can't sustain that kind of loss for very long of a time period without going under. And it's not the first time this has happened. Soybean farmers were hammered during President Trump's first trade war with China in 2018. Now the administration is promising them another bailout. We don't want the aid. We want the trade. Gafter says one-time relief is not a long-term solution. If China starts buying elsewhere, which they are doing now, once they establish those trade routes, it becomes more difficult for them to come back to the US to buy their commodities. Once we lose that, we may never get it back again. And that's huge for next generations. Including for his son Cody, who would be the fourth generation to farm the land. If I do come back, I do have to have a second job to supplement that, because there's no way currently with the tariffs in place that we can survive with that. For Scott Gafter, it's about more than his bottom line. We're just not stimulating our own sales. We're stimulating the economy in our area. That economy relies upon us as farmers to keep that economy going. And so it impacts everybody. For CBS Mornings, I'm Janet Chamleon in Greenville, Illinois.

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