Net farm income fell an estimated 12 percent last year. And it's down about 40 percent from its peak in 2013.
"We've got to get the farm economy booming again, not only for the farmers and ranchers but when our folks are prospering, that helps our industry sector partners," said Dale Moore, executive vice president of the Farm Bureau Federation.
The drop in farm income is partly a result of cyclical factors including
over-production and a resulting drop in commodity prices. But Trump has
added to farmers' woes by picking trade fights with China, Mexico, Canada and the European Union.
Trump's
withdrawal from an Asia-Pacific trade deal has put U.S. exporters at a disadvantage in markets such as Japan. And other countries have imposed
retaliatory tariffs on a wide variety of farm produce.
Trump tried to reassure his audience that his aggressive trade policies will soon pay off.
"We are fixing broken trade deals that are horrible," Trump said. "Many, many new markets are being opened up."
China, which had been a major purchaser of U.S. soybeans, all but stopped buying last year in retaliation for Trump's tariffs. There are signs of a thaw, however, as trade talks with China continue.
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