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What happened to U.S. farmers during the last trade war

Planet Money

2025/05/14
Planet Money

Planet Money

2025/05/14
This podcast delves into the repercussions of the U.S.-China trade war on American farmers, focusing on how tariffs have disrupted agricultural exports and the measures taken to support struggling farmers.
The trade war initiated by President Trump in 2018 significantly impacted U.S. farmers, especially those exporting soybeans, corn, and pork. China retaliated with tariffs on these products, reducing demand and prices. Farmers faced financial strain but utilized strategies like storing crops to wait for better prices. The government intervened with a $23 billion bailout through the Market Facilitation Program, which helped prevent mass bankruptcies. However, long-term damage was done as China shifted its purchases to South America, altering established trade dynamics. Despite some successes, the program faced criticism for transparency and equitable distribution issues.
00:00
00:00
President Trump's tariffs led to retaliatory actions affecting Iowa farmers.
03:22
03:22
Farmers can't store grain over a year due to price uncertainties.
12:16
12:16
Farmers are collateral damage in the trade war.
15:04
15:04
China targeted American farmers during the trade war, making them collateral damage.
22:03
22:03
The USDA paid $23 billion to farmers during the U.S.-China trade war.