Walz says tariffs are taking a "wrecking ball" to U.S. farm families
Minnesota Gov. Tim Walz said President Trump's trade war is taking a "wrecking ball" to U.S. farm families.
Walz joined farmers Wednesday in southern Minnesota to highlight the local impacts of tariffs.
Minnesota's top agricultural export is soybeans, but Mr. Trump's recent tariffs on China are causing purchases to plummet.
For soybean farmers in the U.S., China is a top export market. Last year, the country purchased $12.5 billion worth of soybeans. But because of this year's tariffs, the country has stopped their orders.
The president is now accusing China, the world's second-largest economy, of "purposely not buying" American soybeans, according to CBS News correspondent Kelly O'Grady.
Sources have told CBS News the Trump administration is considering a $10 billion bailout for struggling farmers.
While Walz places blame squarely on the president, he said there are ways for the state to help.
"What's really important right now that both, we solve our trade issues as quickly as we can, but we also think about domestic markets for these products and making opportunities available," Walz said.
Minnesota is home to 26,000 soybean farmers, and 60% of their crop is sent overseas. Now, experts say top competitors, like Brazil and Argentina, are capitalizing on the U.S. loss.
Minnesota recognized Soybean Week last month to highlight the industry's impact on the state's economy. Sixth-generation farmer Matt Purfeerst told WCCO his family has some domestic buyers, but it doesn't compare to international ones.
Purfeerst worries his beans could sit in bins or be sold at lower prices.
"The fact that we are losing one of our biggest exporters for the soybean crop in Minnesota is a huge deal," Purfeerst said. "We're seeing prices right now, right around $10 a bush for soybeans. At the peak this summer, you could probably get close to $10.75, so prices actually are holding in there, but it kind of feels like we're going towards a cliff a little bit."
Purfeest said any potential aid from Congress during this downturn would be a temporary fix, and he prefers open markets to bailouts.