WASHINGTON, D.C. — American farmers will receive a $12 billion bailout, the White House said Monday, after a year of global tariffs and low commodity prices have soured the economic picture for many producers.
White House spokeswoman Anna Kelly, in a statement ahead of the official announcement this afternoon, blamed Joe Biden’s administration for growing a $1.2 billion trade deficit.
“In contrast, President [Donald] Trump is helping our agriculture industry by negotiating new trade deals to open new export markets for our farmers,” Kelly said.
In Minnesota, row-crop farmers have seen stubbornly low prices on the state’s biggest commodity crops, corn and soybeans. But a framework announced this fall on a plan for China to begin re-purchasing U.S. soybeans — after a freeze-out in the wake of Trump’s tariffs — has pushed the price of soybeans to stronger territory, around $11 a bushel.
Soybeans are perennially one of Minnesota’s largest exports. Many analysts predict this fall’s harvest to be one of the strongest on record, but the Federal Reserve Bank of Minneapolis’ survey of agricultural bankers found pessimism abounds for the sector’s profitability.
In all, the survey said, 79% of lenders said incomes fell in the third quarter compared with the same time in 2024.
This story will be updated.
