After several years of losing money on cattle, Burleen and Pete Wobeter thought this would finally be the year things turned around. Their Iowa farm also grows corn and soybeans — crops that have been hit hard by the trade war with China — but cattle had been a bright spot so far in 2025.
“This year, it is the one thing that is going to make any money for us,” Burleen said.
That’s why they were astounded when President Trump announced he wanted to quadruple beef imports from Argentina, claiming it would “bring our beef prices down” and help “a very good ally.”
His words sent wholesale cattle prices plummeting.
“I thought the whole point of tariffs was to bring production back home, and now he is trying to do something to destroy that production,” Burleen said, adding, ” It feels like being a pawn in a game we’re not going to win.”
“We’re being used and abused as producers,” Pete added.
For farmers across the U.S., this harvest season brought a new kind of uncertainty. China, once the biggest buyer of U.S. soybeans, cut off purchases after tariffs escalated, leaving producers with full silos and falling prices.
The Wobeters were hoping stronger cattle prices could make up for those losses.
But while cattle ranchers are earning less, shoppers aren’t seeing any savings. Ground beef is up nearly 13% and steak is up 16% over the past year, according to federal data. Economists say the spike is tied to drought, high feed costs and a shrinking U.S. cattle herd — now at its lowest level in decades.
Bryan Whaley, CEO of the Iowa Cattlemen’s Association, said more imports from Argentina won’t fix that.
“You have to look at the total supply chain,” Whaley said. “It really only is gonna be about 2.5% of our total beef supply. So it’s really not going to make a substantial difference.”
To help farmers and ranchers weather the downturn, the Trump administration announced last week it would release about $3 billion in assistance by tapping a fund used in Mr. Trump’s first term to aid farmers, officials told CBS News.
The Trump administration has discussed offering upwards of $10 billion in relief to farmers, CBS News reported earlier this month. That potential aid package is on the back burner due to the shutdown, and is separate from the $3 billion in new assistance, a senior administration official said.
At the same time, the administration recently hinted new trade agreements could also help turn things around for soybean farmers. Treasury Secretary Scott Bessent said on “Face the Nation with Margaret Brennan” that new deals, including one with China, would be positive for U.S. agriculture.
“Soybean farmers are going to be extremely happy with this deal for this year and for the coming years,” he said.
During his Asia trip, Mr. Trump said he expected the new trade deal with China to be finalized in the coming days.
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