North Carolina soybean farmers face financial crisis amid trade war and China boycott
President Donald Trump’s trade war is rippling through the U.S. agriculture industry, and the impact is being felt especially hard in North Carolina.
Ten to 20 years ago, when tobacco sales began to decline, many farmers in the state switched to soybeans. Today, soybeans are among North Carolina’s biggest cash crops, and one of the hardest hit by new tariffs and trade tensions.
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At the heart of a soybean field, Lorenda Overman feels right at home.
“These are a little small because we’ve not had any rain lately, but these are soybeans,” she said, standing among the rows of plants on her family’s Wayne County farm.
Her husband’s family has been farming there for generations. But this year has brought new challenges.
“I’ve not seen this level of concern in agriculture in a long time,” Overman said.
Rising costs on things like seed, fertilizer, and even farm equipment, all tied to tariffs, are squeezing farmers’ budgets. Overman says she and her husband aren’t sure how they’ll repay the annual loans they rely on to start each growing season.
“We don’t sleep some nights … worried about how we’re going to figure out how to pay that loan back and pay our bills,” she said.
Adding to the strain, China, one of the largest buyers of U.S. soybeans, has announced a boycott of the crop.
“So, the concern is that China is going to find another market that is easier and better, and they won’t come back,” Overman said.
Trump has proposed an aid package for U.S. soybean farmers in response to the boycott. He also claims a new soybean deal is still possible, but farmers like Overman fear it may come too late to make a difference this season.
We asked Overman what she thought would happen if China found a new buyer.
“I have no idea what we would do,” she said.
North Carolina Agriculture Commissioner Steve Troxler released a statement expressing cautious optimism about the potential aid.
“I am happy to hear President Trump is considering aid for farmers who have become targets in broader global trade negotiations. We all depend on farmers to feed us, and we need them to be able to continue to produce food and fiber. Farmers are hurting right now financially, and we could see many go out of business without this assistance.”
At a press conference on Tuesday, WRAL News asked U.S. Don Davis, D-North Carolina, what steps are being taken locally in eastern North Carolina to help struggling farmers.
Davis said he’s been hearing from farmers of all kinds who are struggling under the economic pressure.
“We’re well glad to share a letter that we’ve sent out, advocating to make sure that we’re able to get some funds out the door, to help,” Davis said.
For farmers like the Overmans, that help can’t come soon enough.
Any sort of federal assistance would be a game-changer for North Carolina’s soybean producers, many of whom are anxiously waiting to see what happens next.