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The trade war is having a chilling effect in the heartland. My family's been on this farm since 1860, 157 years. Pat Malloy's family's livelihood depends in part on soybeans, now targeted with Chinese tariffs of 25 percent. It's creating challenges for us out here markets are down by 15 to 20 percent. Much of America's soybean crop has for years traveled to China. No more, since the United States and China entered into a tit-for-tat trade war earlier this year. The price of soybeans has dropped more than a buck a bushel. All this at a time when Midwestern farm bankruptcies are on the rise. It's tough on the whole industry.
At a gathering of Wisconsin soybean growers concerned some farms won't survive. We can deal with the weather. It's the other things that are more difficult and the other things are the things that keep you up at night. President Trump has laid the blame on China, saying they are bullying American farmers. But with a planned meeting between President Trump and the Chinese president this weekend hoped for relief. I just hope that that conversation is as long and has the American farmer in mind. Pat Malloy checks soybean prices several times a day. My fear is that we lost those markets. It's gonna be a heck of a time to get them back. With profit margins razor-thin, he has to plan for spring planting.
