President Donald Trump has made harsher trade policies a tenet of his first months back in office, and its trickling down to U.S. farmers. Some have been devastated, while others are unexpectedly thriving.
Soybean farmer Todd Western III said tariffs are just the latest hit in an already volatile business.
“We worry about drought. We worry about pricing. This tariff is just another thing we have to worry about,” he said.
Soybeans, America’s top agricultural export, have been caught in the crossfire of the U.S.-China trade dispute. China, once the largest buyer of U.S. soybeans, has not pre-purchased any for the upcoming harvest, according to the American Soybean Association, raising alarm in farm country.
The consequences are already rippling through the economy. Prices for fertilizers, tractors and farm equipment are rising. John Deere, the nation’s largest farm machinery maker, said last month tariffs on steel and aluminum would cost the company $600 million this year.
At the same time, some farmers are benefitting. Indiana shrimp farmers Karlanea and Darryl Brown said the tariffs have helped shield their business from cheap foreign competition.
“They’re fabulous,” Karlanea Brown said. “Imported shrimp is $7 a pound. We can’t compete with that.”
Over 90% of shrimp eaten in the U.S. is imported, mostly from India, according to the Southern Shrimp Alliance. In total, the U.S. imported 1.6 billion pounds of shrimp in 2024, worth more than $6 billion, according to data from Mississippi State University.
Still, agriculture overall remains under pressure. In 2024, 216 U.S. farms filed for bankruptcy, according to the American Farm Bureau Federation, a 55% spike over the previous year. While Trump has signed a $65 billion farm aid package, farmers warn it may not be enough.
Brazil, now the world’s top soybean exporter, is filling the void left by the U.S. in China. And despite Trump’s efforts to expand trade with India and Indonesia, American farmers warn new deals may not come fast enough.
CNBC