American farmers are feeling the financial squeeze over the U.S.’ trade war with China and severe weather, strains that are forcing more owners out of business as the number of farms nationwide will likely fall below 2 million for the first time in over a century, The Wall Street Journal reports.
China’s soybean and pork purchases have more or less dried up because of the trade war, leaving more crops piling up in storage. The U.S. exported just 4.3 million tons of soybeans in the first five months of 2019, compared with 15.2 million in the same period last year, according to the Financial Times.
Despite the fallout of the trade war, though, most farmers say they still approve of the job President Donald Trump is doing.
The ones who don’t argue that the $28 billion in bailouts for farmers who have been adversely impacted by the trade war are like a “Band-Aid” when it comes to helping.
"The aid package that has come in is a relief, and it softens the landing, but it's not a solution, it's a Band-Aid," farmer Stan Born told Bloomberg.
When asked if the payments "make him whole", Born said, "of course not," adding he would rather have free trade.
Adding to the financial woes is severe weather – the 12 months from July 2018 to June 2019 were the wettest since 1895, per the Journal.
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