Farm bankruptcies jumped 20% in 2019, even with billions in aid from U.S.

U.S. farms endured a spike in bankruptcies last year, climbing 20% even with financial help from Washington, D.C.

American farmers have struggled amid U.S. trade talks with both Mexico and China, with soybean exports especially hit hard by retaliatory tariffs by China first imposed in 2018. The hurt in the nation’s heartland prompted the White House to set aside $28 billion over the past two years for farmers caught in the crossfire of President Donald Trump’s trade war.

Still, despite the billions in farm aid, 595 family farms declared bankruptcy in 2019, up nearly 100 filings from the previous year and the highest count since 2011, according to data from the American Farm Bureau.

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Article URL : https://www.cbsnews.com/news/farm-bankruptcies-jumped-20-percent-in-2019-even-with-billions-in-aid-from-u-s-government/?ftag=CNM-00-10aab6a&linkId=81567135&fbclid=IwAR3g3CkzdXTXS2T-IVa9rZAeO1zawO6niS_D973WwwyPupNITzNH1zL0Gk0