Family farm bankruptcies increased by 55% last year compared to 2023 and are trending even higher this year as farmers continue to grapple with depressed agricultural commodity prices and high input costs. While much of the industry-wide distress predates his second stint in the White House, President Donald Trump has quickly nudged more farmers closer to the brink of going under and created turbulence for producers trying to make ends meet.
Unpredictable tariffs, immigration overhauls, federal program cuts, and frozen Agriculture Department funding are now part of the discussions farmers are having as they seek financial help. “’What’s going on in Washington?’ is the subject of almost every conversation that I have,” said farm bankruptcy attorney David Mills.
Farm bankruptcy filings soared in 2019 during the height of Trump’s trade war with China, which targeted U.S. agriculture with a sweeping retaliatory tariff regime mirroring the response China is pursuing today. Trump’s administration sent farmers an estimated $23 billion covering export losses to try to stop more farms from going under.