Farm bankruptcies are on the rise and Apple is struggling with falling sales but more tariffs are coming says, Trump.
Family Farm Bankruptcies On the Rise
Thanks to falling grain prices partially due to trump tariff policies, Family Farm Bankruptcies On the Rise in Upper Midwest States.
The number of farms filing for bankruptcy is increasing across the Upper Midwest. According to a new analysis from the Federal Reserve Bank of Minneapolis, the trend comes on the heels of low prices for corn, soybeans, milk and beef.
The analysis found that 84 farms filed for bankruptcy in Wisconsin, Minnesota, North Dakota, South Dakota and Montana in the 12 months that ended in June. That’s more than double the number over the same period in 2013 and 2014.
“Current price levels and the trajectory of the current trends suggest that this trend has not yet seen a peak,” said Ron Wirtz, an analyst at the Minneapolis Fed.
The increase in Chapter 12 filings reflect low prices for corn, soybeans, milk and beef, The Star Tribune reported. The situation has gotten worse for farmers since June because of the retaliatory tariffs that have closed the Chinese market for soybeans and held back exports of milk and beef.
Damn the torpedoes.
84 bankruptcies is not a lot. But for every bankruptcy there are a thousand farmers taking an income hit.
Damn the torpedoes, Trump says it’s ‘highly unlikely’ that U.S. would hold off on increase to 25% on $200 billion of Chinese imports.
The Wall Street Journal reports Trump Expects to Move Ahead With Boost on China Tariffs.
President Trump, days before a summit with China’s leader, said he expects to move ahead with boosting tariff levels on $200 billion of Chinese goods to 25%, calling it “highly unlikely” that he would accept Beijing’s request to hold off on the increase.
In an interview with The Wall Street Journal, Mr. Trump suggested that if negotiations don’t produce a favorable outcome for the U.S., he would also put tariffs on the rest of Chinese imports that are currently not subject to duties.