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'Farmers are getting crushed': Trump tariffs hit agriculture hard
Business
US farmers are getting hit hard as new tariffs make equipment and fertilizer more expensive, just when crop prices are at their lowest in years.
Even though President Trump says his trade policies will pay off, companies like Mosaic and AGCO are already feeling the strain.
Fertilizer imports have fallen 20%
Fertilizer imports have fallen 20% thanks to the tariffs, especially for essentials like phosphate and potash.
At the same time, machinery is getting pricier—AGCO's CEO Eric Hansotia admits they may need to raise prices because of these higher costs.
US soybean sales to China have dropped
US soybean sales to China have dropped to their lowest point in nearly two decades, with companies blaming tariff uncertainty.
The new 15.2% tariff rate is making it even tougher for American farmers to compete globally.