President Donald Trump’s trade war against multiple countries has been hammering the price of American soybeans, and many farmers say they’re seriously feeling the pinch.
The Los Angeles Times reports that soy farmers in Nebraska are increasingly anxious that Trump’s trade war could drag on into the fall, at which time they would suffer massive losses due to the low prices of their crops.
Data released by the Labor Department this week revealed that American agricultural export prices plunged by 5.3 percent last month, which marks the biggest drop in export prices since October 2011.
Soy bean farmers, which have been specifically targeted by China’s retaliatory tariffs against American imports, were particularly hard hit. According to Labor Department figures, U.S. soy export prices plunged by 14.1 percent in July, just after China slapped soy imports with 25 percent tariffs.
“He’s gonna kill us,” 81-year-old farmer Joel Samuleson told the Los Angeles Times, referring to the drop in soy prices.
Farmer Doug Saathoff, meanwhile, says that he likes the fact that Trump is a “businessman,” but he worries about the erratic nature of the president’s trade negotiations.
“How long can I hold out?” he asked the Los Angeles Times, referring to his own farm’s financial situation. “I don’t know.”