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Arika Herron, Madison Mills
Sep 25, 2025
A pledge to stabilize Argentina's economy has ricocheted into America's heartland, squeezing soybean farmers already wrestling with the impact of U.S. trade policy.
Catch up quick: The Trump administration said this week that it would extend financial support to Argentina, as the South American country's currency and economy falters.
What they're saying: "China probably booked the rest of their November supplies last night," Jacquie Holland, an economist at the American Soybean Association, tells Axios.
Zoom in: U.S. farmers are bearing the brunt.
State of play: Indiana's economy faces broader implications. Corn, soybeans and pork account for more than $6.4 billion in agricultural exports in Indiana and an estimated one-third of the state's farm income is exported, but we've been essentially locked out of China — one of our largest markets — this year.
Continue:
Sep 25, 2025
A pledge to stabilize Argentina's economy has ricocheted into America's heartland, squeezing soybean farmers already wrestling with the impact of U.S. trade policy.
Catch up quick: The Trump administration said this week that it would extend financial support to Argentina, as the South American country's currency and economy falters.
- To shore up its own economy, Argentina suspended its 26% export tax on soybeans, immediately luring China (historically the top importer of U.S. soybeans) as a buyer.
- The purchase undercuts U.S. farmers, whose product remains weighed down by a 20% retaliatory tariff imposed by China amid the trade dispute with Washington.
What they're saying: "China probably booked the rest of their November supplies last night," Jacquie Holland, an economist at the American Soybean Association, tells Axios.
Zoom in: U.S. farmers are bearing the brunt.
- "Indiana, and U.S. farmers, would like total soybean exports to increase," Todd Davis, chief economist for Indiana Farm Bureau, told Axios in an email. "A lot of our farmers are struggling just to break even this year, so they're hoping for some better news on trade relationships as soon as possible."
State of play: Indiana's economy faces broader implications. Corn, soybeans and pork account for more than $6.4 billion in agricultural exports in Indiana and an estimated one-third of the state's farm income is exported, but we've been essentially locked out of China — one of our largest markets — this year.
Continue:
