Latest news with #Trump-controlled
Yahoo
21-05-2025
- Business
- Yahoo
Former Kennedy Center President Decries Trump Team's 'Malicious Attempt To Distort The Facts' About Finances During Her Tenure
When President Donald Trump hosted the board of the Kennedy Center at the White House on Monday night, the adviser he selected to lead the institution, Ric Grenell, spoke briefly of what he characterized as a 'fraud' in the way that the finances of the institution were previously handled. But the person who Grenell replaced, Deborah Rutter, today called out what she called a 'malicious attempt to distort the facts' about her tenure. More from Deadline Live Nation Adds Trump Confidant, Kennedy Center Head Richard Grenell To Board Amid DOJ Antitrust Lawsuit Violent & Jealous Sean "Diddy" Combs Demanded $20K "Recoup", Cassie Ventura's Mother Testifies In Sex-Trafficking Trial; Family Had To Take Out Home Loan To Pay Multi-Millionaire Marcus Mabry Joins MSNBC As Senior Vice President Of Content Strategy 'I stand by my assertion that at the time of my departure, the Kennedy Center was fiscally sound, ontrack to balance its budget for the year, and positioned to grow its endowment significantly whileserving as a beacon for free artistic expression and a place where everyone could belong,' Rutter said in a statement. Just weeks into his presidency, Trump removed all the board members who had been appointed by Joe Biden. The Trump-controlled board ousted Rutter, and Trump himself replaced the chairman, David Rubenstein. Grenell, a longtime adviser, was named the new president. At the White House dinner on Monday, with figures such as Steve Wynn and Lee Greenwood in attendance, Grenell said that Trump 'is actually saving the Kennedy Center,' while calling the deferred maintenance on the complex 'criminal.' Grenell said that the new CFO of the Kennedy Center, Donna Arduin, went through the budgets from 2024 and 2025 and found $26 million in 'phantom revenue.' 'It's criminal,' Grenell said, adding that they would refer the matter to the U.S. Attorney's Office. Attorney General Pam Bondi is a member of the board, Grenell noted, and 'she heard all the details. 'This is unacceptable in America to have a fake revenue of $26 million — fraud on previous donors.' In her statement, Rutter, who led the center for 10 years, said that during her tenure they 'adopted an operating budget for the upcoming fiscal year, which was approved by the board. That budget served as a blueprint for our operations and programming – standard and responsible practice in arts management. In addition, in line with established management best practices, the Finance, Audit, and Executive Committees of the Board—composed of appointees from President Trump's first term—had full transparency into all financial transactions and decisions. Financial statements, as well as audit reports, were presented at every board meeting, in fulfillment of the board's fiduciary responsibilities.' She also said that they established a reserve fund to cover potential shortfalls, and that about $10 million was available at the time she left in February. She added that since she left, she has not had access to the current financial situation situation 'nor as to how changes in management as well as donor and patron behavior is impacting this year's operating budget.' Trump's takeover of the Kennedy Center was followed by a number of artists backing out of shows, including the producers of Hamilton, which was to run in 2026. 'Perhaps those now in charge are facing significant financial gaps and are seeking to attribute them to past management, which would include the Board of Trustees, some of whom were appointed by President Trump, in his previous term,' Rutter said. She also invoked a legal standard used by public figures in defamation claims. 'This malicious attempt to distort the facts, which were consistently, transparently and readily available in professionally audited financial reports, recklessly disregards the truth.' Trump previously visited the Kennedy Center in March and called for upgrading the facilities. He also criticized a recent expansion of the complex. As House Republicans seek to pass a massive reconciliation bill, one budget proposal, reportedly requested by the White House, is for $257 million to renovate the Kennedy Center. Trump has otherwise sought to eliminate funding for major arts and cultural agencies, including the National Endowment for the Arts and the National Endowment for the Humanities. In a statement to The Washington Post, Rubenstein said that 'with full transparency, the financial reports were reviewed and approved by the Kennedy Center's audit committee and full board as well as a major accounting firm.' A Kennedy Center spokesperson did not immediately respond to a request for comment. The Kennedy Center's budget in 2024 is about $268 million, per Rubenstein, and $45 million of that comes from a federal appropriation to be used for operations and maintenance. The Kennedy Center's new management under Grenell recently announced its upcoming season, with a line up that includes Broadway musicals The Outsiders, Moulin Rouge! The Musical, Back to the Future The Musical, Mrs. Doubtfire and Spamalot. Trump had criticized the Kennedy Center's past programming, and at the White House on Monday, chided what he characterized as 'rampant political propaganda, DEI and inappropriate shows.' 'They had dance parties for queer and trans youth,' Trump said, adding that they had 'a marxist anti-police performance and they had lesbian-only Shakespeare.' Grenell said that 'when you pick programs that are popular with the public, they respond. People buy tickets.' 'I like to be challenged by the arts,' Grenell said. 'I like it when somebody can teach me and make me a little bit uncomfortable in a show. But one thing that we are not going to do at the Kennedy Center is inappropriate content for children.' The Kennedy Center's lineup for this season, chosen when Rutter and Rubenstein still led the institution, also was heavy in Broadway shows and non-controversial fare, including Legally Blonde: The Musical, The Sound of Music and The 25th Annual Putnam County Spelling Bee. Another show, Les Misérables, opens next month, Trump is reportedly planning to host a fundraiser tied to the performance. Best of Deadline Everything We Know About The 'Hunger Games: Sunrise On The Reaping' Movie So Far Sean 'Diddy' Combs Sex-Trafficking Trial Updates: Cassie Ventura's Testimony, $10M Hotel Settlement, Drugs, Violence, & The Feds All The 'Mission: Impossible' Movies In Order - See Tom Cruise's 30-Year Journey As Ethan Hunt
Yahoo
20-05-2025
- Business
- Yahoo
Former Kennedy Center President Decries Trump Team's 'Malicious Attempt To Distort The Facts' About Finances During Her Tenure
When President Donald Trump hosted the board of the Kennedy Center at the White House on Monday night, the adviser he selected to lead the institution, Ric Grenell, spoke briefly of what he characterized as a 'fraud' in the way that the finances of the institution were previously handled. But the person who Grenell replaced, Deborah Rutter, today called out what she called a 'malicious attempt to distort the facts' about her tenure. More from Deadline Live Nation Adds Trump Confidant, Kennedy Center Head Richard Grenell To Board Amid DOJ Antitrust Lawsuit Violent & Jealous Sean "Diddy" Combs Demanded $20K "Recoup", Cassie Ventura's Mother Testifies In Sex-Trafficking Trial; Family Had To Take Out Home Loan To Pay Multi-Millionaire Marcus Mabry Joins MSNBC As Senior Vice President Of Content Strategy 'I stand by my assertion that at the time of my departure, the Kennedy Center was fiscally sound, ontrack to balance its budget for the year, and positioned to grow its endowment significantly whileserving as a beacon for free artistic expression and a place where everyone could belong,' Rutter said in a statement. Just weeks into his presidency, Trump removed all the board members who had been appointed by Joe Biden. The Trump-controlled board ousted Rutter, and Trump himself replaced the chairman, David Rubenstein. Grenell, a longtime adviser, was named the new president. At the White House dinner on Monday, with figures such as Steve Wynn and Lee Greenwood in attendance, Grenell said that Trump 'is actually saving the Kennedy Center,' while calling the deferred maintenance on the complex 'criminal.' Grenell said that the new CFO of the Kennedy Center, Donna Arduin, went through the budgets from 2024 and 2025 and found $26 million in 'phantom revenue.' 'It's criminal,' Grenell said, adding that they would refer the matter to the U.S. Attorney's Office. Attorney General Pam Bondi is a member of the board, Grenell noted, and 'she heard all the details. 'This is unacceptable in America to have a fake revenue of $26 million — fraud on previous donors.' In her statement, Rutter, who led the center for 10 years, said that during her tenure they 'adopted an operating budget for the upcoming fiscal year, which was approved by the board. That budget served as a blueprint for our operations and programming – standard and responsible practice in arts management. In addition, in line with established management best practices, the Finance, Audit, and Executive Committees of the Board—composed of appointees from President Trump's first term—had full transparency into all financial transactions and decisions. Financial statements, as well as audit reports, were presented at every board meeting, in fulfillment of the board's fiduciary responsibilities.' She also said that they established a reserve fund to cover potential shortfalls, and that about $10 million was available at the time she left in February. She added that since she left, she has not access to the current financial situation situation 'nor as to how changes in management as well as donor and patron behavior is impacting this year's operating budget.' Trump's takeover of the Kennedy Center was followed by a number of artists backing out of shows, including the producers of Hamilton, which was to run in 2026. 'Perhaps those now in charge are facing significant financial gaps and are seeking to attribute them to past management, which would include the Board of Trustees, some of whom were appointed by President Trump, in his previous term,' Rutter said. She also invoked a legal standard used by public figures in defamation claims. 'This malicious attempt to distort the facts, which were consistently, transparently and readily available in professionally audited financial reports, recklessly disregards the truth.' Trump previously visited the Kennedy Center in March and called for upgrading the facilities. He also criticized a recent expansion of the complex. As House Republicans seek to pass a massive reconciliation bill, one budget proposal, reportedly requested by the White House, is for $257 million to renovate the Kennedy Center. Trump has otherwise sought to eliminate funding for major arts and cultural agencies, including the National Endowment for the Arts and the National Endowment for the Humanities. In a statement to The Washington Post, Rubenstein said that 'with full transparency, the financial reports were reviewed and approved by the Kennedy Center's audit committee and full board as well as a major accounting firm.' A Kennedy Center spokesperson did not immediately respond to a request for comment. The Kennedy Center's budget in 2024 is about $268 million, per Rubenstein, and $45 million of that comes from a federal appropriation to be used for operations and maintenance. The Kennedy Center's new management under Grenell recently announced its upcoming season, with a line up that includes Broadway musicals The Outsiders, Moulin Rouge! The Musical, Back to the Future The Musical, Mrs. Doubtfire and Spamalot. Trump had criticized the Kennedy Center's past programming, and at the White House on Monday, chided what he characterized as 'rampant political propaganda, DEI and inappropriate shows.' 'They had dance parties for queer and trans youth,' Trump said, adding that they had 'a marxist anti-police performance and they had lesbian-only Shakespeare.' Grenell said that 'when you pick programs that are popular with the public, they respond. People buy tickets.' 'I like to be challenged by the arts,' Grenell said. 'I like it when somebody can teach me and make me a little bit uncomfortable in a show. But one thing that we are not going to do at the Kennedy Center is inappropriate content for children.' The Kennedy Center's lineup for this season, chosen when Rutter and Rubenstein still led the institution, also was heavy in Broadway shows and non-controversial fare, including Legally Blonde: The Musical, The Sound of Music and The 25th Annual Putnam County Spelling Bee. Another show, Les Misérables, opens next month, Trump is reportedly planning to host a fundraiser tied to the performance. Best of Deadline Everything We Know About The 'Hunger Games: Sunrise On The Reaping' Movie So Far Sean 'Diddy' Combs Sex-Trafficking Trial Updates: Cassie Ventura's Testimony, $10M Hotel Settlement, Drugs, Violence, & The Feds All The 'Mission: Impossible' Movies In Order - See Tom Cruise's 30-Year Journey As Ethan Hunt
Yahoo
02-05-2025
- Business
- Yahoo
Shari Redstone's Impossible Choice: She Can't Save Both ‘60 Minutes' and Paramount Global
Shari Redstone is no doubt familiar with 'The Godfather, Part II.' It is, after all, one of the best-known films in the library of Paramount Global, the company she and her family control. Redstone probably doesn't have time to watch the 1974 classic this week, but no matter. She's living it. 'The Godfather, Part II' focuses on the difficult choices made by protagonist Michael Corleone, who opts to preserve his family's illicit business empire instead of tending to the needs of the actual members of his family. He spends all his time jockeying with rivals and fending off competitors, and in the process loses his spouse and kills off his brother, whose weaknesses give enemies a chance to wreak havoc. More from Variety Trump Falsely Claims '60 Minutes' Admitted to 'Crime' of Editing Harris Interview in a Way That 'Cheated and Defrauded the American People' '60 Minutes' Goes on Alert: How the News Program Is Grappling With Paramount and Trump '60 Minutes' Calls Out Paramount for Executive Producer's Exit in Rare On-Air Rebuke Redstone is no crime boss, but she faces similar wrenching decisions about doing what's best for members of the Paramount family and what's best for her own family business. One of the most prized properties in the Paramount portfolio is the venerable CBS News magazine '60 Minutes.' The program has stood for months at the center of a flimsy but effective legal feint by President Donald Trump. According to the suit, filed in federal court in the Northern District of Texas in November 2024, '60 Minutes' tried to mislead voters by airing two different edits of remarks made in an interview with former Vice President Kamala Harris, then Trump's rival for the White House. Legal experts believe the president has little standing. Intriguingly, the report, which aired in October, was this week nominated for an Emmy. But the Trump suit — in which the president is seeking $20 billion in monetary damages from CBS — has remained an issue. Rather than fight a nuisance, Paramount has entered mediation with Trump's attorneys, all as Redstone hopes to move closer to selling the company to Skydance Media — and pushing the deal past the review of a Trump-controlled FCC, which has also opened investigations into the '60 Minutes' matter. A consummated deal will infuse ailing Paramount with new capital as it seeks to adapt to an industry in which cable networks — a large part of the company's portfolio — are being rendered obsolete by streaming services. In such a unique situation, corporate leaders are more likely to favor the overall business, says Anant Sundaram, a professor at Dartmouth University's Tuck School of Business who studies mergers and acquisitions. Once a deal is unveiled, Sundaram says, 'the CEO wants to get it done yesterday, before so many factors that can kick in.' Paramount's current situation, he adds, brings 'the kind of uncertainty that a CEO hates, is petrified of.' And in the current era, when streaming has upset the economics of the media sector, Paramount may see Skydance as a more reliable bet than the linear viewership of '60 Minutes.' 'The bottom line is there is a sense that the regulatory process isn't coming along as it should,' says Sundarum. 'And the Trump lawsuit is a huge spanner in the works.' Paramount and Trump attorneys are believed to have entered mediation, a process that will cast a shadow on Redstone's tenure overseeing Paramount, which she took over from her father, Sumner Redstone. Shari Redstone pushed for a new combination of the CBS assets and those that were part of the company once known as Viacom, once housed in two separate companies. But the portfolio, which also includes the Showtime pay-cable outlet, MTV, Nickelodeon and the Paramount movie studio, has been weighed down by a large passel of cable properties that have been starved of investment over the years, and isn't large enough on its own to outmaneuver digital giants like Netflix, Apple and Amazon. Redstone might have fared better if she sold off pieces instead of trying to put them all together. Her seeming willingness to settle the '60 Minutes' matter has had other consequences as well. Last week, Bill Owens, just the third executive producer in the show's nearly six decades on air, abruptly quit, saying he no longer had the freedom to run the newsmagazine in the best interests of its journalism and its viewers. On Sunday, correspondent Scott Pelley took the rare step of detailing this off-camera drama for viewers, telling them that Paramount had begun to take what staffers perceived as an undue amount of influence on '60 Minutes' editorial processes. What is clear is the following: No '60 Minutes' segments have been spiked. But Paramount did install, partly at Redstone's behest, a new layer of checks and balances in the form of a team led by Susan Zirinsky, the former CBS News president. Zirinsky was tasked with monitoring all of CBS News' work, particularly after reports on '60 Minutes' and 'CBS Mornings' tied to attitudes around the conflict in Gaza spurred criticism from advocates. Redstone had conversations with various Paramount executives, among them George Cheeks, the Paramount co-CEO who oversees the CBS business, about certain '60 Minutes' stories, according to a person familiar with the matter. Redstone asked whether stories that could irritate Trump were correct and balanced, and inquired whether multiple stories that might draw Trump's ire had to run on the same night, this person says. Two other people familiar with the '60 Minutes' editorial process say Zirinsky and her team were specifically tasked with examining stories tied concerning the Middle East and politics. Redstone never issued any edicts about stories tied to Trump policies, says the person familiar with the situation, noting that the show has run such reports all season long. At this point, the person adds, with the current TV season drawing to a close, there is no reason to hold off on any stories the show has in the pipeline, as any acquisition by Skydance is not likely to be completed in that time frame. This is perhaps the stuff of Aaron Sorkin TV series like 'The Newsroom' or 'Studio 60 on the Sunset Strip,' in which the people at the heart of a storied media property have to battle with the executives who run the platform that brings the content to millions. Paramount's pending Skydance pact and the Trump suit have forced Redstone into an impossible choice: On the one hand, she risks tarnishing the image of a respected journalism outlet if Paramount reaches a settlement with Trump; on the other, if the deal doesn't get done, the health of the company that delivers the show to its audience may be in peril. At the end of 'Godfather II,' Michael Corleone is haunted by the choices he has made, and thinks back to a simpler time. Whether Redstone is similarly tormented is something only she knows. As for the current moment in the media sector, it's only going to get more complex. — Todd Spangler contributed to this story Best of Variety Oscars Predictions 2026: 'Sinners' Becomes Early Contender Ahead of Cannes Film Festival New Movies Out Now in Theaters: What to See This Week What's Coming to Netflix in May 2025
Yahoo
02-05-2025
- Business
- Yahoo
Shari Redstone's Impossible Choice: She Can't Save Both ‘60 Minutes' and Paramount Global
Shari Redstone is no doubt familiar with 'The Godfather, Part II.' It is, after all, one of the best-known films in the library of Paramount Global, the company she and her family control. Redstone probably doesn't have time to watch the 1974 classic this week, but no matter. She's living it. 'The Godfather, Part II' focuses on the difficult choices made by protagonist Michael Corleone, who opts to preserve his family's illicit business empire instead of tending to the needs of the actual members of his family. He spends all his time jockeying with rivals and fending off competitors, and in the process loses his spouse and kills off his brother, whose weaknesses give enemies a chance to wreak havoc. More from Variety Trump Falsely Claims '60 Minutes' Admitted to 'Crime' of Editing Harris Interview in a Way That 'Cheated and Defrauded the American People' '60 Minutes' Goes on Alert: How the News Program Is Grappling With Paramount and Trump '60 Minutes' Calls Out Paramount for Executive Producer's Exit in Rare On-Air Rebuke Redstone is no crime boss, but she faces similar wrenching decisions about doing what's best for members of the Paramount family and what's best for her own family business. One of the most prized properties in the Paramount portfolio is the venerable CBS News magazine '60 Minutes.' The program has stood for months at the center of a flimsy but effective legal feint by President Donald Trump. According to the suit, filed in federal court in the Northern District of Texas in November 2024, '60 Minutes' tried to mislead voters by airing two different edits of remarks made in an interview with former Vice President Kamala Harris, then Trump's rival for the White House. Legal experts believe the president has little standing. Intriguingly, the report, which aired in October, was this week nominated for an Emmy. But the Trump suit — in which the president is seeking $20 billion in monetary damages from CBS — has remained an issue. Rather than fight a nuisance, Paramount has entered mediation with Trump's attorneys, all as Redstone hopes to move closer to selling the company to Skydance Media — and pushing the deal past the review of a Trump-controlled FCC, which has also opened investigations into the '60 Minutes' matter. A consummated deal will infuse ailing Paramount with new capital as it seeks to adapt to an industry in which cable networks — a large part of the company's portfolio — are being rendered obsolete by streaming services. In such a unique situation, corporate leaders are more likely to favor the overall business, says Anant Sundaram, a professor at Dartmouth University's Tuck School of Business who studies mergers and acquisitions. Once a deal is unveiled, Sundaram says, 'the CEO wants to get it done yesterday, before so many factors that can kick in.' Paramount's current situation, he adds, brings 'the kind of uncertainty that a CEO hates, is petrified of.' And in the current era, when streaming has upset the economics of the media sector, Paramount may see Skydance as a more reliable bet than the linear viewership of '60 Minutes.' 'The bottom line is there is a sense that the regulatory process isn't coming along as it should,' says Sundarum. 'And the Trump lawsuit is a huge spanner in the works.' Paramount and Trump attorneys are believed to have entered mediation, a process that will cast a shadow on Redstone's tenure overseeing Paramount, which she took over from her father, Sumner Redstone. Shari Redstone pushed for a new combination of the CBS assets and those that were part of the company once known as Viacom, once housed in two separate companies. But the portfolio, which also includes the Showtime pay-cable outlet, MTV, Nickelodeon and the Paramount movie studio, has been weighed down by a large passel of cable properties that have been starved of investment over the years, and isn't large enough on its own to outmaneuver digital giants like Netflix, Apple and Amazon. Redstone might have fared better if she sold off pieces instead of trying to put them all together. Her seeming willingness to settle the '60 Minutes' matter has had other consequences as well. Last week, Bill Owens, just the third executive producer in the show's nearly six decades on air, abruptly quit, saying he no longer had the freedom to run the newsmagazine in the best interests of its journalism and its viewers. On Sunday, correspondent Scott Pelley took the rare step of detailing this off-camera drama for viewers, telling them that Paramount had begun to take what staffers perceived as an undue amount of influence on '60 Minutes' editorial processes. What is clear is the following: No '60 Minutes' segments have been spiked. But Paramount did install, partly at Redstone's behest, a new layer of checks and balances in the form of a team led by Susan Zirinsky, the former CBS News president. Zirinsky was tasked with monitoring all of CBS News' work, particularly after reports on '60 Minutes' and 'CBS Mornings' tied to attitudes around the conflict in Gaza spurred criticism from advocates. Redstone had conversations with various Paramount executives, among them George Cheeks, the Paramount co-CEO who oversees the CBS business, about certain '60 Minutes' stories, according to a person familiar with the matter. Redstone asked whether stories that could irritate Trump were correct and balanced, and inquired whether multiple stories that might draw Trump's ire had to run on the same night, this person says. Two other people familiar with the '60 Minutes' editorial process say Zirinsky and her team were specifically tasked with examining stories tied concerning the Middle East and politics. Redstone never issued any edicts about stories tied to Trump policies, says the person familiar with the situation, noting that the show has run such reports all season long. At this point, the person adds, with the current TV season drawing to a close, there is no reason to hold off on any stories the show has in the pipeline, as any acquisition by Skydance is not likely to be completed in that time frame. This is perhaps the stuff of Aaron Sorkin TV series like 'The Newsroom' or 'Studio 60 on the Sunset Strip,' in which the people at the heart of a storied media property have to battle with the executives who run the platform that brings the content to millions. Paramount's pending Skydance pact and the Trump suit have forced Redstone into an impossible choice: On the one hand, she risks tarnishing the image of a respected journalism outlet if Paramount reaches a settlement with Trump; on the other, if the deal doesn't get done, the health of the company that delivers the show to its audience may be in peril. At the end of 'Godfather II,' Michael Corleone is haunted by the choices he has made, and thinks back to a simpler time. Whether Redstone is similarly tormented is something only she knows. As for the current moment in the media sector, it's only going to get more complex. — Todd Spangler contributed to this story Best of Variety Oscars Predictions 2026: 'Sinners' Becomes Early Contender Ahead of Cannes Film Festival New Movies Out Now in Theaters: What to See This Week What's Coming to Netflix in May 2025
Yahoo
30-04-2025
- Business
- Yahoo
Editorial: Trump has done plenty for Illinois farm country. But are there storms ahead?
Illinois farmers are busy these days planting corn and soybeans and keeping a watchful eye on storms blowing in — from Washington, D.C. President Donald Trump's trade wars have sidelined China and discouraged other important customers of American agriculture, setting the Grain Belt on edge. At the same time, cutbacks at the U.S. Department of Agriculture have disrupted long-standing programs, which has complicated spring planting. Plus, a potentially bitter battle looms over reauthorizing the 2018 Farm Bill that expired in 2023. Despite the uneasy times, farm country has reason to expect a financial rebound this year. Unlike many other independent businesses hurt by tariff battles, government layoffs and unpredictable policy changes, the agricultural sector — especially corn and soybean producers — stands to benefit from an increase in taxpayer-funded subsidies. In late December, even before Trump took office, Congress approved legislation that provides $10 billion in economic assistance for farmers, which was intended to make up for low crop prices and high input costs. Billions more were allocated for losses from natural disasters. Earlier this year, the USDA predicted that net farm income, a broad measure of profits, would shoot up more than 30%. That would help to push household income on the average farm to more than $100,000, while large producers would make many times that amount. The biggest swing factor by far is direct government payments, which the USDA has pegged at $42.4 billion for 2025, up an astonishing 355% from last year. And here's the kicker: Those USDA estimates from early February don't yet account for the fat checks a Trump-controlled Congress could very well dole out in the future to compensate farmers for the trade war's impact. Federal agricultural policy continues to reflect the political leverage of favored constituencies. For others left without similar support, the costs of trade disruptions often fall harder and without relief. We've seen this movie before: During Trump's first presidency, the administration championed a series of bailouts for farmers hurt by trade battles with China and other key export customers. Aid for agriculture jumped by tens of billions from 2018 through 2020, a level of support that some in the industry referred to as 'Trump money.' Thousands of operators got more than $100,000 each. Who can blame them for demanding more of the same in 2025? Trump has already adapted his policies to accommodate Big Tech, automakers and other clout-heavy industries, and farmers strongly backed the president in the 2024 election. Contrary to the evidence, Trump has promised they'll have a 'field day' selling their crops domestically this year. He has also told them to expect 'a little bit of an adjustment period,' with the implication that Uncle Sam's checkbook is wide open to lessen the sting. Most other small-business owners, lacking comparable political clout, have seen far less federal support in response to the same economic headwinds. While large companies typically have the advantage of substantial cash cushions and the market power to negotiate prices with suppliers, small-time entrepreneurs are mostly stuck absorbing the damage, scrambling to cut costs and putting expansion plans on hold. No wonder economic forecasters say the arrow is pointing down for economic growth and up — again — for inflation. Still, small-business operators whom Trump has left to fend for themselves shouldn't feel too jealous of their brethren on the farm. Even if Trump were to back off today from the tariffs he has chaotically imposed, the administration's trade wars stand to do lasting damage to American agriculture. Over time, that's likely to translate into lower incomes than U.S. farmers enjoyed for many years under pro-free-trade regimes. During Trump's first term, China turned to South America for soybeans it otherwise would have purchased from North America. Brazil, especially, expanded its planted acreage in response, and the U.S. never fully recovered those lost sales. The European Union, Japan, Canada and other big customers of American grain and oilseeds also are seeking to shift their purchases to more reliable suppliers. Beyond trade, U.S. farmers worry about Trump's efforts to deport agricultural laborers. Mass deportations would raise costs and potentially disrupt food supplies. Agricultural research is under siege as well. The Trump administration is especially keen to target anything connected to climate change, which many farmers know firsthand is not only real, but potentially an existential threat to their operations. Support in the rural heartland reportedly remains solid for Trump and his goal of busting up global trade, which the president contends is unfair to America. That support will continue, we expect, as long as government funds keep rolling in at massive levels. As for everyday taxpayers, get ready to treat yourselves to a big bushel of No. 2 yellow corn. With so many of America's traditional trade partners backing away, there should be plenty of Illinois grain available around harvest time. _____
