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Trump then misspoke and said, “China” would be sending him a bill supporting year-round E15 to his desk. “And I will sign it without delay.”
ECONOMIC CONDITIONS FOR AMERICANS
As he campaigns for Republicans in midterm elections, Trump and the White House are attempting to both shift away from the immigration enforcement conflicts in Minnesota and instead emphasize what they say are improving economic conditions for average Americans.
Trump highlighted new data showing stronger quarterly GDP growth in Iowa — at 5% for the third quarter of 2025, which the White House stated was “outpacing the national average, fueled by agriculture, manufacturing and smart policies.”
DEERE ANNOUNCEMENTS
Shortly after Trump began speaking, he pointed to leaders of Deere & Co. saying John Deere is opening two plants in the U.S. “because of tariffs.”
Deere announced a new $70 million excavator factory will open in Kernersville, North Carolina, which will employ 150 people. Deere also recently broke ground on a new distribution center in Hebron, Indiana, that also will employ approximately 150 people.
Yet, during the past six months, Deere also cited that tariffs established by Trump have cost the company about $600 million in fiscal 2025. Deere laid off nearly 600 people in Iowa in 2025, citing weaker farm-equipment demand and lower sales.
Trump also talked about peeling back environmental regulations, such as rolling back start-stop technology in cars. Trump said he wants to do the same thing for tractors.
“We’re going to get the tractors back where you don’t have to be a PhD in order to start your tractor,” Trump said.
TRADE DEALS
Trump said he has scored “giant wins for the farmers, ranchers and agricultural producers” in his trade deals. He highlighted ethanol sales to Japan and nearly $1 billion in ethanol sales to the United Kingdom. Trump also pointed to Australia allowing U.S. beef sales for the first time in 20 years.
Trump also added, “China has agreed to purchase over $40 billion in U.S.-grown soybeans.” The agreement with China was for 12 million metric tons (mmt) with sales in the 2025-26 crop year, an obligation China has now met. China has also agreed to buy 25 mmt of soybeans in each of the next two years.
Before the latest tariff wars, China bought more than 27 mmt of U.S. soybeans in 2024, according to USDA.
The latest outlook for U.S. trade in FY 2026 shows agricultural exports growing by $3 billion, to $174 billion, while agricultural imports are down by $500 million, to $210 billion.
Trump also said Democrats would have caused the “largest tax hike in the history of our country,” but Trump said, “I wanted to give you the largest tax cut in the history of our country.”
Trump signed the One Big Beautiful Bill Act in July that extended his 2017 tax cuts for business but also reduced taxes for tips, overtime and seniors. The bill also increased the government’s budget deficit by $3.4 trillion through 2034, according to the Congressional Budget Office.
Trump also said he got the biggest price reduction in prescription drug costs in history. Trump announced a deal in December that includes agreements with nine major pharmaceutical companies to lower drug prices in line with prices paid by other countries.
Earlier Tuesday, a group of progressive groups held a press conference to criticize Trump’s policies. Aaron Lehman, president of the Iowa Farmers Union, highlighted the high input costs that farmers are facing and said tariffs have added to those costs. Lehman said farmers are facing “extremely insecure” economic conditions.
“Right now, we grow corn and soybeans in this state at a loss,” Lehman said. “For every bushel they are growing, they’re losing money — largely because of the chaotic trade policies and tariff policies that the president has put in place, and this is not getting us any closer to the fair trade that was promised to our farmers.”
Chris Clayton can be reached at Chris.Clayton@dtn.com
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