Farmers are getting impatient with the administration's handling of foreign trade after Chinese countermeasures to Trump’s latest tariff hike this Friday caused commodities to plummet in the stock market, according to a report by CNN.
U.S. agricultural products already faced a 25 percent tariff in China, which were implemented by Beijing in response to an earlier tariff increase. The Asian country’s recent tariff hike on over $60 billion worth of American goods does not impact agricultural products directly, CNN notes, but the news still impacted their prices in the market.
Earlier this year, farmers, some of Trump’s most consistent supporters, had relied on the president’s promise of a more favorable trade environment. John Heisdorffer, chairman of the American Soybean Association, for example, “decided to plant about the same amount of corn and soybean this year, figuring a trade deal was near,” according to CNN.
The number of soybeans in storage climbed 29 percent year-on-year, according to a recent estimate of the Department of Agriculture.
Producers of wheat, soybean, and corn (which collectively account for 171 million acres of farmland in the country), are now scrambling to respond to lower demand. According to an April poll conducted by Purdue University, only 22% of farmers said it was a "good time" to make large farm investments.