Paying for the Trump Tariffs

After complaining about not getting awarded a Nobel Peace Prize, President Donald Trump later announced 10% tariffs against Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland. The countries opposed Trump’s threats to take over Greenland, which would violate the principles of the countries’ long-standing NATO alliance. 

Trump threatened the tariffs until, “a deal is reached for the complete and total purchase of Greenland.”

However, he later backed down from the threats amid a public show of unity between the eight countries that he had targeted. 

Revenue from Trump Tariffs

Meanwhile, North Dakota State University’s monthly Agricultural Trade Monitor tallied up estimates of how much Trump’s global trade war has generated and how much farmers have suffered economically from his actions. 

The research shows that the federal government collected an estimated $958 million in revenue from Trump’s tariffs targeting agricultural inputs from February 2025 to October 2025. That is the equivalent of $106.44 million per month. 

Breakdown of Trump agricultural input tariff revenue:

• Farm machinery: $530 million

• Agricultural chemicals: $273 million

• Fertilizers: $110 million

• Seeds: $44 million

However, the survey also found that this revenue was not newfound money for the federal treasury with no domestic implications. American farmers paid a price. 

North Dakota State University’s monthly Agricultural Trade Monitor included this explanation about the reality of what higher tariffs have meant so far for American farmers:

“Tariff pass‐through to farmer prices exceeded the tariff itself (more than complete pass‐through). During peak tariff months, fertilizer pass‐through exceeded the effective tariff rate. 

This excess pass‐through likely resulted from supply chain disruptions and uncertainties surrounding the tariff policy, meaning U.S. farmers and input suppliers may have borne economic costs substantially greater than the tariff revenue itself.”

RELATED: Brown & Co’s Ed Blundy explained to American Farmland Owner last year how the UK watched Trump tariff’s policies. 

Peoples Company National Land Values Report

Iowa-based Peoples Company cited tariffs as a force to watch in 2026 as it released its annual analysis of U.S. farmland. 

“Tariffs and trade uncertainty will continue to demand headlines in 2026,” the authors wrote. 

They continued, “last year’s report emphasized uncertainty as the Trump administration was preparing to take office at the time of publication—a theme that is likely to persist.”

Peoples Company National Land Values Report looked at how the tariffs add another layer of financial pressure and uncertainty for farmers as they begin the new year.

“Farm income, interest rates, and inflation remain the primary drivers of farmland values; however, forecasting these dynamics has become more complex. This complexity is due to increased support of farm income by public subsidy programs, including crop insurance and government payments, as well as the elevated cost of capital which is likely to continue relative to pandemic-period levels,” the authors wrote.

The authors also addressed the impact of government subsidies. “Crop insurance programs largely benefit row crop producers more than permanent crop operations, leaving permanent crop returns more exposed to volatility. As a result, we are entering an environment in which adaptability and innovation are essential, and where less resilient operations may struggle to compete,” the authors added. 

RELATED: Peoples Company National Land Values Report tracks U.S. farmland values and breaks down trends by regions of the United States. Access the full report for free here.