Trade Wars, Rates Push US Small Farm Bankruptcies to 5-Year High

After years of low crop prices and rising costs, America’s small farmers are facing a crisis brought on by higher interest rates, Trump’s trade war and dramatically reduced demand from China.

In the first half of the year, small-business bankruptcies filed by farmers and fisherman hit the highest number since 2020, which was the tail end of a similar cycle of low-prices. Farm debt is expected to hit $561.8 billion in this year, a record high, according to the US Department of Agriculture.

“We’ve had three years of tough sledding here where breakevens are at or below cost,” said ...