1A Farmers Are Hit Hard By Donald Trump’s Tariffs
Nov 4, 2025
In this discussion, Alan Rappaport, an economic policy reporter at The New York Times, and Tom Polancic, a food and agriculture reporter for Reuters, join farmer Philip Good from Mississippi. They delve into how Trump's tariffs have skyrocketed costs for farmers while crop prices plummet. Philip shares his family's challenges on the farm and practical cost-cutting strategies. The talk also touches on the recent trade deal with China and its implications, alongside concerns about market unpredictability and the impact of cheap Argentine soybeans.
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Family Farm Struggles This Year
- Philip Good describes farming a 3,500-acre family operation growing soybeans, corn, cotton, cattle, and catfish.
- He says this year was his toughest in 40 years due to extreme weather and collapsing net farm income under $22,000.
Tariffs Raised Farming Input Costs
- Alan Rappaport links Trump's tariffs to higher input costs for farmers via pricier steel and aluminum.
- He adds China's retaliatory tariffs cut U.S. soybean exports, intensifying farm financial pressure.
Trim Costs And Use Futures
- Philip Good says farmers trimmed budgets, delayed equipment purchases, and repair rather than replace machinery.
- He recommends forward pricing in futures markets to lock in next-year budgets and reduce risk.