The Trump administration could announce a multi-billion dollar financial relief package this week for farmers being hurt by the president's trade war with China. Soybean farmers fear they may be forced out of business.

Saint Francisville

U.S. soybean farmers are experiencing severe financial hardship as a result of the trade conflict with China and recent government actions. Many farmers report that low crop prices and increased competition from Argentina, which dropped soy tariffs to China after receiving a U.S. loan, have left them unable to sell their harvest profitably. Some are selling off equipment to stay afloat, and there has been a notable increase in farm machinery auctions.

The impact extends to agricultural equipment manufacturers like John Deere, which has faced increased costs due to tariffs on steel and aluminum and has laid off thousands of workers. While the Trump administration has proposed a financial relief package for farmers, many in the industry remain skeptical about its effectiveness, citing ongoing economic pressures and job losses.

Soybean farmers face steep losses: 'I'm in the worst shape right now'

CBS News has learned the Trump administration could announce a multi-billion dollar financial relief package this week for farmers being hurt by the President's trade war with China. In tonight's In-Depth, Lana Zak talks to soybean farmers fearing they may be forced out of business. U.S. soybean farmers are starting their harvest, but they face steep losses that could fuel farm bankruptcies and foreclosures nationwide. This is awful discouraging. You know, we do our very best to grow a good crop, to feed the world, and then we can't hardly give it away. Many growers say they feel betrayed after the Trump administration gave Argentina a financial lifeline, a $20 billion loan. Argentina then immediately dropped their soy tariffs to China, undercutting U.S. farmers. If we don't do something, we're not gonna help our family farms. In Arkansas, hundreds of farmers packed into a church to plead for help from the government. I'm in the worst shape right now than I've ever been in. With prices for crops crashing, farmers are doing everything they can to stay viable, even selling off equipment. Joel's Tractors in Strawberry Point, Iowa, saw a 30% jump in farm machinery up for auction this year. Put a finger full of grease in there. Keeping aging tractors running has Lawrence Christensen and his team working at full throttle. The demand is stronger than the availability. New equipment costs have increased by 60% in the last eight years. John Deere, a U.S. manufacturing icon, says U.S. tariffs on steel and aluminum will cost them $600 million this year. Over the past two years, the company has laid off 2,500 workers. Majority of my family works here. Graviel Gomez was a proud Deere employee, following in the footsteps of his dad and uncles, but now he's one of those laid-off workers. It's like a kick to the gut, right, when you're getting laid off after you've given 20-plus years to the company. When you think about these tariffs and the ripple effects that they've had, do you think it's worth it? You know, you hope that possibly in the long term they would be helpful. Currently here in the short term, it's really killing us. We were sold that we were going to do everything we could for the American workers, and we're seeing quite the opposite at this time. President Trump says he will give farmers some tariff revenue, but the union workers we spoke to doubt it will help them. Lana Zak, CBS News, Davenport, Iowa.

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Paris

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Breakdown