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When President Trump announced a $20 billion bailout for Argentina this month, Larry Ory, 86, a farmer in Earlham, Iowa, could hardly believe it, especially after boatloads of Argentine soybeans began shipping to China, a once-critical customer for Mr. Ory's family.
For Iowans, losing China’s soybean market in the president’s trade war was only one of many economic shocks that have hit the state since the start of Mr. Trump’s second term. The cost of tractors and fertilizers have shot up with his tariffs. Labor has grown scarcer in agribusinesses. Major manufacturers have laid off workers. Even the ubiquitous wind turbines that provide income for some Iowa farmers are in the president’s sights.
“Right now, we’re fighting different economic wars all at once,” said Summer Ory, 37, the wife of Mr. Ory’s grandson, Dan. The couple works in the family’s farm business. “You can sustain it one at a time, but right now it’s death by a thousand paper cuts.”
Ms. Ory said she votes in every election, but she, like Mr. Ory, declined to say who she cast her ballot for last November.
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Since siding with Barack Obama twice, Iowa has become a stronghold for Mr. Trump. Yet perhaps no state has struggled more with his economic policies. During the first quarter of 2025, Iowa’s gross domestic product dropped by 6.1 percent, more than any other state aside from neighboring Nebraska.
