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Trade war

US-China trade war hits American farms as bankruptcies soar

Midwest flooding and decreased exports push insolvency filings to 8-year high

A Bellevue, Iowa farmer poses for a portrait in his corn field.   © Reuters

NEW YORK/CHICAGO -- American farmers who went bankrupt reached a high not seen in eight years because of massive floods and exports depleted by the U.S.-China trade war.

There were 580 Chapter 12 bankruptcy filings during the full year ended September, according to data from the federal court system. The number is up 24% from the same period a year earlier, which had a total of 468 filings.

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