The Dispatch Podcast Trump vs. Agriculture | Roundtable
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Oct 17, 2025 
In this engaging discussion, Kevin Williamson, a sharp-tongued conservative commentator, and Megan McArdle, an insightful economic writer, dive deep into the impact of Trump’s tariffs on American farmers. They explore how market dynamics and supply chains have been reshaped, alongside farmers' political responses to bailouts. The conversation takes a turn to the militarization of federal law enforcement and the societal embrace of authoritarian tactics, while also spotlighting surprising viral articles from their past.
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Markets Will Adapt To Trade Shocks
- Megan McArdle argues decoupling from China drives the current soybean and rare-earth disruptions but markets will adapt over time.
- She warns rare earths are politically problematic because their production is dirty and hard to repatriate.
Past Tariffs Reshaped Soybean Markets
- Kevin Williamson notes the 2017 tariffs prompted China to build massive soybean storage and other producers to expand acreage, reducing U.S. leverage.
- He says increased global storage and production make soybeans more fungible now than before.
Short-Term Pain, Long-Term Adjustments
- Megan and Kevin emphasize soybeans are perishable and farmers can shift crops, so short-term pain differs from long-term market adjustment.
- They predict a likely government bailout because Trump historically compensates distressed constituencies.