>> The president of the United States is abroad, but he has American farmers on his mind, worried about those feeling blindsided by the blow back from his trade wars with China. President trump tweeting Wednesday, quote, other countries trade barriers and tariffs have been destroying their businesses. I will open things up better than ever before, I am fighting for a level playing field for our farmers.
But that fight is leaving America's farmers black and blue. Take soybeans for an example. China has retaliated against the US tariffs by slapping a 25% penalty on American soybeans. That's showing of demand in the world's biggest soybean importer, and driving prices to a decade low. But data from the US Department of Agriculture show that low price is making the US export irresistible to others.
Reuters' Chicago reporter, Karl Plume.>> Mexico primarily has been a major buyer, therefore purchases of the crop that's gonna be harvested in the fall are about four times as large than they were last year. Other countries like Thailand, and Bangladesh, and Pakistan have also been big buyers.>> But that's little comfort for farmers, prices are so low, they're not making nearly as much as they did before.
And to lose China as a customer is no small thing. Last year, the country bought more than a half of American soybeans shipments worth $12 billion in business, and there is no guarantee new buyers can absorb all that.>> Farm incomes in the US are projected to be at a 12-year low this year, down by half from just a few years ago.
This trade wars couldn't be coming at a worse time for a farm country.>> Farmers want to see prices go back up. But experts warn that won't happen as long as there's fear a prolonged trade war could lead to slower worldwide demand. A concern that's growing, with Washington and Beijing, so far, unwilling to back down.