Iowa farmers, feeling the strain, hope for positive outcome from Trump's China summit

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May 16, 2026 / 9:12 PM EDT

/ CBS News

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Harlan, Iowa — In Rick Chipman's fields in Harlan, Iowa, young soy plants are starting to emerge. "We're off to a good start," Chipman told CBS News. He farms 1,800 acres of corn and soy in Shelby County alongside a hog operation that offset last year's losses following the Trump administration's trade war that was devastating for farmers of row crops.The price of soybeans is still significantly depressed, down nearly a third from 2022. That is why American farmers had big hopes for President Trump's trip to China."We really haven't heard yet if good things have happened or not," Chipman said. Markets tumbled due to a lack of specifics following the president's promises. "We made great deals," Mr. Trump told reporters Friday. "We did great trade deals."