Trade tensions play out in a U.S.-Canada border town

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Marketplace

News, Business

4.8 • 1.3K Ratings

🗓️ 25 April 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the months since President Donald Trump's re-election, a lot has changed between the United States and Canada. New import taxes and talk of Canada becoming the 51st state, for example. It all adds up to a strained relationship where Canadians feel both betrayed and uncertain about the future. Today, we're visiting Thunder Bay, Ontario to hear more. Plus, we're looking at why more farmers are struggling to pay back their debt.

Transcript

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0:00.0	Amid trade tensions, what happens when Minnesota Nice meets Ontario Nice?
0:07.7	I'm David Brancaccio in Los Angeles. First, farmers are struggling to pay their debts. This is clear from an analysis by Bloomberg law of bankruptcy filings. And this is before the new higher tariffs started to kick in. Marketplace's Savannah Peters reports.
0:22.5	Bloomberg found farm bankruptcies were up 55% in 2024, and they're trending even higher this year.
0:29.7	That tracks with what bankruptcy attorney Don Swanson is seeing.
0:33.9	In fact, I've got a chapter 12 going right now.
0:37.9	That's the section of the bankruptcy code for farmers.
0:41.2	And Swanson says his firm, Coley-Jesson, in Omaha, has a few more of those cases in the works.
0:47.1	Every debtor has their own issues that are unique to them. But 2024 was a terrible year for farming.
0:53.1	Farmers have been dealing with high input costs and low crop prices.
0:57.3	And if all the proposed tariffs go through...
0:59.9	That negative pressure is going to intensify.
1:03.0	Rabelle Chandio is a professor of agricultural economics at Iowa State University.
1:08.4	She says whether farm bankruptcy rates rise even faster depends on how long
1:13.2	steep tariffs on China last, and whether the Trump administration offers relief payments to cover
1:19.4	affected farmers' losses, like it did during the last trade war. I'm Savannah Peters for
1:25.0	Marketplace. Markets, it has been three up days in a row for the S&P 500 stock index.
1:30.9	S&P futures are down a quarter percent. Now, NASDAQ futures also just turned down two-tenths percent. The S&P is down 2.2 percent in April so far. The Dow is down four and a half percent months so far. A published report says Apple is
1:45.9	moving to produce all the iPhones sold in the U.S. in India, a pivot away from China. Remember,
1:51.4	it says designed by Apple in California. It doesn't say made. The Financial Times has the
1:56.4	India scoop today. Now to video gaming, it was delayed for several weeks because of the Trump administration's
2:01.9	tariff announcements, but overnight, retailers started taking pre-orders for the Nintendo Switch 2 console.
2:08.6	Walmart, Best Buy, and others that are part of this rollout report major demand. The boxes are set to
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