Business
Farmers are being squeezed – it’s testing their loyalty to Trump
Luke MintzBBC News and
Anna JonesPresenter of Corn Belt People
BBCOn a scorchingly hot day in the American Midwest, Tim Maxwell is voicing his fears about the future of farming.
The 65-year-old has worked the fields since he was a teenager. He now owns a grain and hog farm near Moscow, Iowa – but he’s unsure about its prospects.
“I’m in a little bit of a worried place,” says Mr Maxwell, who wears a baseball cap bearing the logo of a corn company.
He is concerned that American farmers aren’t able to sell their crops to international markets in the way they could in previous years, in part because of the fallout from President Trump’s tariffs.
“Our yields, crops and weather are pretty good – but our [interest from] markets right now is on a low,” he says. “It’s going to put stress on some farmers.”
Bloomberg via Getty ImagesHis fears are not unique. US agricultural groups warn that American farmers are facing widespread difficulty this year, mostly due to economic tensions with China. Since April, the two countries have been locked in a trade war, causing a sharp fall in the number of Chinese orders for American crops.
American farmers are wounded as a result, economists say. The number of small business bankruptcies filed by farmers has reached a five-year high, according to data compiled by Bloomberg in July.
With all this economic pain, rural areas could well have turned against Trump. But that doesn’t seem to be happening.
Rural Americans were one of the president’s most loyal voting blocs in last year’s election, when he won the group by 40 percentage points over Kamala Harris, beating his own margins in 2020 and 2016, according to Pew Research analysis.
Polling experts say that in the countryside, he is still broadly popular.

Mr Maxwell says he is sticking with Trump, despite his own financial worries. “Our president told us it was going to take time to get all these tariffs in place,” he says.
“I am going to be patient. I believe in our president.”
So why do so many farmers and other rural Americans broadly continue to back Trump even while feeling an economic squeeze that is driven in part by tariffs – the president’s signature policy?
Farmers on a ‘trade and financial precipice’
If you want a window into rural America, the Iowa State Fair is a good start. The agricultural show attracts more than one million visitors over 10 days.
There is candy floss; deep-fried hot dogs on a stick for $7 (£5) – known as “corn dogs”; an antique tractor show; a competition for the biggest boar.
But when the BBC visited last month, there was another topic of conversation: tariffs.

“A lot of people say he’s just using tariffs as a bargaining chip, as a bluff,” says Gil Gullickson, who owns a farm in South Dakota and edits an agriculture magazine.
“But I can say: history proves that tariffs don’t end well.”
In April, what he termed “liberation day”, Trump imposed sweeping tariffs on most of the world, including a 145% tariff on China.
In response, China put a retaliatory 125% tariff on American goods – a blow to farmers in the American Midwest, sometimes known as the “corn belt”, many of whom sell crops to China.
Last year Chinese companies bought $12.7bn (£9.4bn) worth of soybeans from America, mostly to feed their livestock.
September is harvest season, and the American Soybean Association (ASA) has warned that soybean orders from China are way below where they should be at this point in the year.

Tariffs have fluctuated dramatically since they were introduced – and the uncertainty is proving tough for farmers, says Christopher Wolf, a professor of agricultural economics at Cornell University.
“China is just so big that when they buy things, it matters – and when they don’t, it matters.”
The cost of fertiliser has rocketed, too – partly because of trade disputes with Canada, which has raised the cost of potash, a salt imported from Canada by American farmers and used in fertiliser.
Jon Tester, a former Democrat Senator of Montana, who is a third-generation farmer, told a US news station earlier this month: “With all these tariffs the president’s put on, it’s interrupted our supply chain… it’s increased the cost of new equipment… and because of the trade and tariffs, a lot of customers have said to heck with the United States…
“The people who are new to agriculture, those young farmers who haven’t saved money for times like this, they’re going to be in trouble and a lot of those folks are going to go broke.
“And if this continues, a lot of folks like me are going to go broke too.”

American farmers already suffer from high levels of stress. They are more than three times more likely than average to die by suicide, according to a paper by a charity, the National Rural Health Association, which analysed a period before Trump’s presidency.
In a letter to the White House, Caleb Ragland, president of the ASA, warned of a tipping point: “US soybean farmers are standing at a trade and financial precipice.”
Trump: ‘Our farmers are going to have a field day’
Supporters of President Trump say that his tariffs will help American farmers in the long run, by forcing countries like China to come to the negotiating table and agree new deals with the US over agriculture.
And they point to other ways this White House has helped farmers. Over the summer, as part of Trump’s tax and spend bill, his administration expanded federal subsidies for farmers by $60bn (£44bn), and boosted funding for federal crop insurance.
In his annual speech to Congress in March, Trump warned farmers of a “little bit of an adjustment period” following the tariffs, adding: “Our farmers are going to have a field day… to our farmers, have a lot of fun, I love you.”
Getty ImagesSid Miller, commissioner of the Texas Department of Agriculture, is among those who have praised Trump for his “vital support”.
“We finally have an administration that is prioritising farmers and ranchers,” he wrote in a statement earlier this year. “They advocate for farmers, challenge China … and ensure America’s producers are receiving fair treatment.”
And it is possible the president’s tariff strategy could eventually work, according to Michael Langemeier, a professor of agricultural economics at Purdue University.
But he also worries that uncertainty is inflicting long-term damage. “Your trading partner doesn’t know exactly what your position’s going to be next year, because it seems like we’re changing the goalposts.
“That is a problem.”
Tariffs will make us great again
There’s an old adage in American politics that says people “vote with their pocketbooks” – and turn against politicians if they appear to harm their finances.
Yet despite financial pressures, the rural Americans we spoke to are firmly sticking with Trump.
Experts say they haven’t seen any evidence of meaningful change in support among rural voters since last year. A survey by Pew last month found that 53% of rural Americans approve of the job Trump is doing, far higher than the 38% figure for the country as a whole.
Though a survey by ActiVote earlier this month did find a small decline in Trump’s approval among rural voters from 59% in August to 54% in September. Analysts warn not to pay too much attention to those shifts, however, because the number of rural voters included in those polls is so small.
“The data I’ve seen suggests Trump is still heavily supported in rural communities,” says Michael Shepherd, a political science professor at the University of Michigan who focuses on rural politics.

For some farmers at the state fair, the explanation is simple: they believe the US president when he tells them that tariffs will help them in the long run.
“We think the tariffs eventually will make us great again,” says John Maxwell, a dairy farmer and cheese producer from Iowa.
“We were giving China a lot, and [previously] we paid tariffs when we sold to them. Let’s make it fair. What’s good for the goose is good for the other goose.”
Some may also hold onto hope that the president will bail farmers out. During Trump’s first term he gave farmers a $28bn (£20.7bn) grant amid a tariff dispute with China.
A case of selective blame attribution?
For Nicholas Jacobs, a politics professor at Colby College and author of The Rural Voter, there’s a deeper reason at play.
“It’s easy for an outsider to ask, ‘Why the hell are you still with this guy?'” he says. “But you have to understand that across rural America, the move towards Republicans long predates Donald Trump.”
Starting in the 1980s, he says, rural Americans started to feel alienated and left behind while cities benefited from globalisation and technological change.
What he calls a “rural identity” formed, based on a shared grievance and an opposition to urban liberals. The Republicans seemed like their natural champion, while he says the Democrats became “the party of the elite, technocrats, the well-educated, the urbane”.
Bloomberg via Getty ImagesSome repeat that sentiment at the state fair. Joan Maxwell, a dairy farmer from Davenport in Iowa, says that her area is too often viewed as “flyover country”.
“We are not looked at very positively for the most part from the media,” she says. “We’ve been called deplorables, uneducated,” – a reference to Hillary Clinton’s description of half of Trump’s supporters as a “basket of deplorables”.
Ms Maxwell added: “A lot of times they ignore us or make fun of us.”
Prof Shepherd, of Michigan University, believes there’s another factor: in his view, America has become so polarised – with voters from both sides entrenched in their camps – that many are willing to forgive much more than they would previously, as long as it’s a policy implemented by their own side.
He calls this “selective blame attribution… they might be really angry about some things that are happening, but they’re reticent to blame Trump for them.”
‘We’re giving him a chance – there’d better be results’
Mr Wolf has his own view on the “best case scenario” from here. “What I hope happens is that he [Trump] just declares victory and leaves it [tariffs] alone.”
But he warns that even if the policy is dropped, the damage to American farmers could be long-term due to the shake-up to supply chains. Some Chinese firms are now buying their soybeans from Brazil rather than America, he says; they may not quickly return.
Many of the analysts we spoke to believe that rural America’s support for Trump is not a blank cheque, despite their current support.

Mr Shepherd points to the Great Depression and rural “Dustbowl” of the 1930s, which forced millions of farmers to migrate to American cities, causing a long-term realignment in politics – though nobody expects it to get anywhere near that bad this time. The farm crisis of the 1980s also saw thousands of farms go under.
Back at the state fair, Ms Maxwell, the Iowan dairy farmer, makes this point clear.
“We’re giving him the chance to follow through with the tariffs, but there had better be results. I think we need to be seeing something in 18 months or less.
“We understand risk – and it had better pay off.”
Additional reporting: Florence Freeman
BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists. Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world. And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too. We’re starting small but thinking big, and we want to know what you think – you can send us your feedback by clicking on the button below.
Business
Delta and United call on Congress to immediately end government shutdown, pay air traffic controllers
A Delta Airlines plane takes off near the air traffic control tower at Ronald Reagan Washington National Airport (DCA) in Arlington, Virginia, US, on Tuesday, Oct. 28, 2025.
Samuel Corum | Bloomberg | Getty Images
Delta Air Lines and United Airlines called on Congress Thursday to reopen the U.S. government and pay air traffic controllers, with Delta urging senators to “immediately pass a clean continuing resolution.”
U.S. air traffic controllers missed their first full paychecks on Tuesday as the government shutdown drags on through a fourth week with no end in sight while Republican and Democratic senators remain at an impasse.
“Missed paychecks only increases the stress on these essential workers, many of whom are already working mandatory overtime to keep our skies safe and secure,” Delta said in a statement Thursday.
Delta CEO Ed Bastian had warned earlier this month that the airline could see impacts from a prolonged shutdown.
Vice President JD Vance and Transportation Secretary Sean Duffy hosted a roundtable at the White House Thursday afternoon with the lobby group Airlines for America, whose members include Delta, United, American Airlines and others.
United CEO Scott Kirby told reporters outside the White House that Congress should pass a clean continuing resolution, adding that the shutdown is putting stress on the economy.
United Airlines CEO Scott Kirby, joined by U.S. Vice President JD Vance and Transportation Secretary Sean Duffy, speaks to reporters outside the White House on Oct. 30, 2025 in Washington, D.C.
Kevin Dietsch | Getty Images News | Getty Images
Air traffic controllers and Transportation Security Administration officers are essential employees who are required to work through the shutdown even though they are not receiving regular paychecks.
The missed paychecks come as controllers grapple with a longstanding staffing shortage. There are 3,800 fewer fully certified controllers than the FAA’s target, according to Nick Daniels, president of the National Air Traffic Controllers Association.
“These additional distractions will compound the existing risks in an already strained system,” Daniels said in an opinion piece in The Hill on Tuesday.
“Every day the shutdown continues, the National Airspace System becomes less safe than it was the day before, as the controllers’ focus shifts from their critical safety tasks to their financial uncertainty,” he said.
The shutdown began on Oct. 1 after Senate Republicans and Democrats failed to reach an agreement to keep the government open.
Democratic senators are insisting that Republicans agree to extend enhanced Affordable Care Act health insurance subsidies before they will vote for funding to reopen the government.
The Congressional Budget Office estimated Wednesday that a four-week shutdown would cost the economy at least $7 billion by the end of 2026. A six-week shutdown would cost the economy $11 billion, and an eight-week shutdown would cost $14 billion, according to CBO estimates.
Flights have been delayed at several U.S. airports over the past month but the severe disruptions that preceded the end of the longest-ever shutdown, between late 2018 and early 2019, have not occurred.
— CNBC’s Leslie Josephs contributed to this report.
Business
Groww’s IPO to open November 4 at 95-100/share price band – The Times of India
MUMBAI: The Rs 6,632-crore initial public offering for Billionbrains Garage Ventures that runs the digital financial services company Groww, is set to open on November 4 and close on November 7. At the upper end of the Rs 95-100 price band for the IPO, the company is valued at nearly Rs 62,000 crore. The shares are to be listed on NSE and BSE around November 12.Of the total offer size, Rs 1,060 crore will accrue to Groww while a bunch of existing shareholders, mostly private equity players, would get Rs 5,572 crore in total by offloading part of their stakes.Established in 2017, the Bengaluru-based fintech company offers a host of financial and investment products such as stocks, derivatives, mutual funds, IPOs, bonds to retail investors through its digital platform. The company’s aim is to offer all types of financial and investment solutions to its customers.
Business
WPP woes keep lid on FTSE and pound extends falls
The FTSE 100 extended its winning run to nine, recouping early hefty falls, despite fresh problems for advertising group WPP.
The FTSE 100 index closed up just 3.92 points at 9,760.06, another record close.
The FTSE 250 ended down 171.99 points, 0.8%, at 22,276.28, and the AIM All-Share closed down 3.09 points, 0.4%, at 769.80.
WPP plunged 17% as it warned performance in the year-to-date was at the “low-end of expectations” as it cut the company’s outlook.
The London-based advertising agency firm said revenue in the third quarter fell 8.4% to £3.26 billion, and was down 3.5% on a like-for-like basis.
Revenue less pass-through costs slumped 11% to £2.46 billion, falling 5.9% like-for-like.
New chief executive Cindy Rose acknowledged that recent performance was “unacceptable” and pledged to take action to address this.
“There is a lot to do,” Ms Rose said, adding, “we are optimistic, energised and confident that we’re building the right plan”.
It is the latest in a series of troubled days for WPP investors with shares down 63% in the last 12 months.
In European equities on Thursday, the CAC 40 in Paris closed down 0.5%, while the DAX 40 in Frankfurt ended little changed.
Stocks in New York were mixed with a 9.7% fall in Meta Platforms weighing on the S&P 500 and Nasdaq.
The Dow Jones Industrial Average was up 0.5%, the S&P 500 index was 0.3% lower, and the Nasdaq Composite was down 0.8%.
Meta, which owns Facebook and Instagram, forecast increased investment and higher operating costs ahead after a third quarter distorted by a hefty tax provision.
Chief executive Mark Zuckerberg told investors he feels the right strategy is to “aggressively front-load building capacity”.
Investors also weighed hawkish comments from Federal Reserve chairman Jerome Powell who pushed back against market pricing for another interest rate cut in December.
Mr Powell, speaking after the Fed cut rates by a quarter point at its October meeting, said a reduction in December was not a “foregone conclusion” and a cut should not be assumed.
JPMorgan analyst Michael Feroli said: “By Powell’s standards, these were unusually blunt remarks.”
While Bank of America said Mr Powell pushed back “stridently” against market pricing of a December cut and drove the message home “several times” during the press conference.
The US rate call came ahead of central bank meetings in Japan and Europe.
The Bank of Japan kept interest rates unchanged, decided by a seven to two majority vote.
In a statement released by BoJ following the monetary policy meeting, it said interest rates were held at 0.5%, matching consensus cited by FXStreet.
“High uncertainties still remain regarding the impact of trade and other policies on economic activity and prices at home and abroad,” the BoJ said in a statement following the decision.
While in Europe, the European Central Bank left rates on hold for a third meeting in a row stating its outlook for inflation is broadly unchanged.
The decision by the Frankfurt-based lender leaves the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility unchanged at 2.00%, 2.15% and 2.40% respectively.
The widely expected decision is the third hold in succession by the ECB, following similar outcomes in July and September.
Prior to the hold in July, it had cut for seven meetings in a row.
Deutsche Bank Chief European economist Mark Wall said “despite the US tariffs, despite all the various sources of uncertainty, the European economy continues to eke out some growth”.
“Economic ‘resilience’ is keeping the ECB doves in check, and the policy pause on the rails,” he said.
Mr Powell’s comments put the dollar on the front foot and pushed bond yields upwards.
The pound was quoted at 1.3149 dollars at the time of the London equities close on Thursday, lower compared to 1.3236 dollars on Wednesday.
The euro fell to 1.1565 dollars from 1.1660 dollars.
Against the yen, the dollar was trading at 154.11 yen, higher compared to 152.10 yen.
The yield on the US 10-year Treasury was quoted at 4.09%, widening from 4.00% on Wednesday.
The yield on the US 30-year Treasury was quoted at 4.64%, stretched from 4.57%.
Back in London, lender Standard Chartered rose 1.9% after stating it expects to reach its return on tangible equity target in 2025 instead of by 2026.
Chief executive officer Bill Winters said progress was broad-based and highlighted strong double-digit growth in Wealth Solutions and Global Banking, alongside good momentum in Global Markets.
On the FTSE 250, Computacenter gained 5.0% as it said it performed strongly in the third quarter with continued momentum in North America, improvements in the UK, and a return to growth in Germany.
Ithaca Energy and Harbour Energy rose 4.6% and 3.3% respectively after a report in the Financial Times said the UK Government could scrap its windfall tax on the oil-and-gas sector one year earlier than planned.
Meanwhile, conditional dealing in lender Shawbrook Group began in London.
Shares closed at 396 pence, well above the 370p offer price, giving it a market value of just over £2 billion.
Unconditional dealing on the London Main Market will begin on Tuesday next week.
TT Electronics was a star performer, soaring 59% after accepting a £287 million takeover approach from Cicor Technologies.
Bronschhofen, Switzerland-based Cicor develops, and manufactures electronic components, devices, and systems.
Woking, England-based TT, which also manufactures electronic components, said the cash and shares offer values each share in TT at 155p.
Brent oil was quoted at 64.92 dollars a barrel at the time of the London equities close on Thursday, up from 64.52 dollars late on Wednesday.
Gold was little changed, trading at 3,998.00 dollars an ounce against 3,997.24 dollars on Wednesday.
The biggest risers on the FTSE 100 were Airtel Africa, up 6.4 pence at 274.8p, Auto Trader, up 15.2p at 808.8p, Centrica, up 3.3p at 179.8p, Standard Chartered, up 28.0p at 1,544.0p, and GSK, up 31.0p at 1,783.0p.
The biggest fallers on the FTSE 100 were WPP, down 61.7p at 298.85p, JD Sports Fashion, down 3.32p at 95.0p, Whitbread, down 80.0p at 2,967.0p, Segro, down 14.4p at 699.7p and Burberry, down 26.0p at 1,280.0p.
Friday’s global economic calendar has Canada GDP data, eurozone inflation figures and the Chicago PMI in the US.
There are no significant events scheduled on Friday’s UK corporate calendar.
– Contributed by Alliance News
-
Politics6 days agoTrump slams ‘dirty’ Canada despite withdrawal of Reagan ad
-
Tech1 week agoTurning pollution into clean fuel with stable methane production from carbon dioxide
-
Sports6 days agoAlleged mob ties in NBA scandal recall La Cosa Nostra’s long shadow over sports
-
Tech6 days agoDefect passivation strategy sets new performance benchmark for Sb₂S₃ solar cells
-
Business1 week agoJLR shutdown after cyber hack drives slump in UK car production
-
Sports1 week agoNBA legend Chauncey Billups, Heat’s Terry Rozier arrested as part of FBI gambling probe
-
Sports1 week agoPakistan, Saudi Arabia join hands to promote football development
-
Business1 week agoAssaults on rail network more than triple in 10 years

