As Trump's Tariffs Bite, US Farm Bankruptcies Skyrocket

Video Credit: Wochit
Published on October 31, 2019 - Duration: 00:53s

As Trump's Tariffs Bite, US Farm Bankruptcies Skyrocket

The battle between the Trump administration and China has piled on pressure in an already strained Farm Belt.

According to Markets Insider, it's leaving an increasing number of growers unable to stay afloat.

The American Farm Bureau Federation is the largest farm advocacy group in the country.

It says farmers filed 580 Chapter 12 bankruptcy filings between January and September.

That's a 24% increase from the previous year and the highest level since 2011, when there were 676 filings.

China placed steep tariffs on US farm products last year to retaliate against punitive moves by the Trump administration.

That added to challenges for farmers already faced with harsh weather conditions and low commodity prices.

Those have sent exports sharply lower and made it difficult for growers to plan the next harvest.

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