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A bailout for farmers caught in Trump’s trade war is already being discussed. ‘If we don’t get something, it will be quite a disaster’

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  • Trump administration officials and lawmakers are considering aid for farmers as retaliation looms against U.S. tariffs. China and Canada have already levied duties on some of the top U.S. agricultural exports. During Trump’s first term, farmers got $23 billion after an earlier round of tariffs.

Trump administration officials and lawmakers have begun exploring a relief package for U.S. farmers as agricultural trade groups warn of economic repercussions from tariffs.

That’s as retaliation against President Donald Trump’s sweeping import taxes could harm U.S. exports of farm products. 

“We are setting up the infrastructure that if, in fact, we have some economic consequences in the short term to our farmers and perhaps our ranchers, that we will have programs in place to solve for that,” Agriculture Secretary Brooke Rollins told reporters last week. 

On Sunday, she told CNN the administration must be prepared in case of “longer-term damage” by lining up funds with lawmakers. 

Sen. John Hoeven (R-N.D.) confirmed discussions about a farm bailout and said he spoke with Rollins.

The USDA did not immediately respond to Fortune’s request for comment.

On Wednesday, Trump announced a minimum 10% levy on all imports and even higher rates on certain trading partners. Some countries have retaliated with their own levies against specific industries. 

On Friday, China—a major export market for farmers—announced a 34% tariff on U.S. imports, after previously imposing an added 15% tariff on U.S.-grown chicken, wheat, corn, and cotton and a 10% levy on sorghum, soybeans, pork, beef, seafood, fruit, vegetables, and dairy products.

In addition, Canada has levied 25% duties on goods worth $30 billion including peanut butter, orange juice, and coffee. The country also threatened to expand its tariffs to $155 billion worth of imported goods, including poultry, produce, and dairy products, if the U.S. maintains its trade policy. The European Union has threatened to retaliate against soybean, beef, and poultry farmers in the bloc’s effort to target red states. 

Trade groups have warned that retaliatory tariffs on U.S. agricultural exports could harm the prices of corn, soybeans, cotton, and other crops. The price of soybeans sank more than 3% Friday and are down almost 17% since a year ago. Roughly 60% of soybeans, meal, and soy oil produced in the U.S. are exported. 

“We hope there will be a bailout,” Barry Evans, a sorghum and cotton farmer in Texas who sits on the board of directors for a sorghum grain trade group, told The Wall Street Journal. “If we don’t get something, it will be quite a disaster.”

The farming industry relies on exports for more than 20% of its annual income, according to the American Farm Bureau Federation. 

In 2024, the U.S. exported $176 billion in agricultural products, with 47% going to three countries: Mexico (17.2%), Canada (16.1%), and China (14%). According to the USDA, soybeans, livestock products, tree nuts, fruits, vegetables, grains, and feeds are among the top U.S. exports.

Tariffs in Trump’s first term triggered retaliation that caused a reduction of more than $27 billion in agricultural exports, according to USDA. The government gave farmers $23 billion in economic aid to help offset the loss.

Retaliatory tariffs add obstacles to an already struggling industry. Last year, Congress approved a $10 billion relief package to farmers to help reduce the impact of increased input costs and lower commodity prices and recently began dishing out the aid. The new package could be larger as the industry is faced with broad-ranging challenges, a congressional aide told WSJ.

“We share the administration’s goal of leveling the playing field with our international partners, but increased tariffs threaten economic sustainability of farmers who have lost money on most crops for the past three years,” president of the Farm Bureau, Zippy Duvall, told the WSJ.

In addition to the impact of retaliatory tariffs on agricultural exports, U.S. tariffs on imports could also increase prices that farmers pay for equipment, pesticides, and fertilizer.

Meanwhile, farmers are also suffering from the Department of Government Efficiency dismantling USAID. In 2020, the U.S. government purchased roughly  $2.1 billion in food aid from American farmers.

This story was originally featured on Fortune.com



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Bitcoin rebounds as the US dollar weakens

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Bitcoin and the rest of the crypto market surged at the start of this week as President Trump engaged in a Ethereum and Dogecoin have both gained 3% within the last 24 hours.

“Bitcoin’s move above $87,000 is a clear signal that investors are seeking refuge in decentralized assets amid rising tariffs, inflation concerns, and global economic uncertainty,” Nicholas Roberts-Huntley, CEO of crypto companies Concrete and Glow Finance, tells Fortune.

The crypto market’s gains come amid Trump’s threats to fire Federal Reserve Chair Jerome Powell for not lowering interest as quickly as he would like. The feud has raised concerns over the Fed’s traditional status as an independent central bank, unbeholden to political pressures. It’s unlikely the president would have the power to do so, but that could change in the future. On Friday, the White House confirmed that Trump is “studying” whether the president has the power to terminate Powell before his term is up in 2026. 

And while the crypto market is enjoying a relief rally, the traditional stock market has continued to slide. While the S&P 500 and the Dow Jones made slight gains from this month’s earlier lows, the indexes are both down 3% on Monday. 

And Trump’s public comments about Powell seem to have further dented the value of the U.S. Dollar. The currency has already fallen significantly since Trump’s inauguration in January, and on Monday, it fell to its lowest value since 2022 when compared to foreign currencies.  

As concerns over tariffs, inflation and the Fed’s independence loom large, some people are investing in digital currencies because they are detached from any centralized entity, allowing them to fluctuate independent from the stock market. 

Youwei Yang, Chief Economist, Bitcoin mining company BIT Mining, told Fortune that while Bitcoin moves in tandem with equities in the short-term, it can serve as a haven from geopolitical pressures in the long-term. 

“In the early stages of crises, it often behaves like a risk asset—similar to tech stocks—falling sharply amid panic,” he said. “Yet as markets stabilize and investors reassess, it can exhibit characteristics of a safe haven asset, akin to gold.”

This story was originally featured on Fortune.com



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Pope Francis visited one basilica more than 100 times after his trips abroad. Now he will be buried there

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The 88-year-old pontiff had been well aware of his fragile state and advanced age. As early as 2015, Pope Francis had expressed the desire to be buried in the Basilica of Santa Maria Maggiore, a fifth-century church in Rome dedicated to the Blessed Virgin Mary. He was so devoted to Mary and her basilica that after each of his more than 100 trips abroad, he would visit it after returning to Rome to pray and meditate.

No pope has been buried in Santa Maria Maggiore since the 17th century, when Pope Clement IX was laid to rest there.

I’m a specialist in Catholic liturgical history. In earlier centuries, papal funerals have been elaborate affairs, ceremonies befitting a Renaissance prince or other regal figure. But in recent years, the rites have been simplified. As Pope Francis has mandated, here are the steps that the ritual will follow.

First station: Preparation of the body

The funeral rites take place in three parts, called stations. The first takes place in the pope’s private chapel, after medical professionals have certified his death. Until recently, this stage had taken place at the pope’s bedside.

After the body lies in rest in the chapel, the cardinal serving as the pope’s camerlengo – the pope’s chief of staff – will make the arrangements for the funeral. He is also tasked with running the Vatican until a new pope is elected. The current camerlengo is Cardinal Kevin Joseph Farrell, appointed by Francis in 2019.

As has been done for centuries, the camerlengo will formally call the deceased pope by the full name given to him when he was baptized as an infant – Jorge Mario Bergoglio. There are narratives or legends stating that, at this time, the pope was also tapped three times on the forehead with a small silver hammer. However, there is no documented proof that this was actually done in earlier centuries to verify a pope’s death.

Traditionally, another ancient rite will also take place after the declaration of the pope’s death: the defacing of the pope’s ring. Each pope wears a custom-made ring with an engraved image of a man fishing from a boat, hearkening back to the gospel of Matthew, where Jesus calls St. Peter a “fisher of men.” This Fisherman’s Ring, with the name of the current pope engraved over the image, could act as a seal on official documents. The camerlengo will break Francis’ ring and smash the seal with a hammer or other instrument to prevent any other person from using it.

The pope’s apartments will also be locked, with no one allowed to enter; traditionally, this was done to prevent looting.

Second station: Viewing the body

The deceased pope will be dressed in his simple white cassock and red vestments, then placed in a simple wooden coffin. This will be carried in procession to St. Peter’s Basilica, where the public viewing will take place for the next three days.

The pope’s body will be left in the plain, open casket during this viewing period in order to emphasize the pope’s humble role as a pastor, not a head of state. The earlier practice would have been to place the body on top of a tall raised platform, called a catafalque; this ended with the funeral of Pope Benedict XVI in 2022.

Pope Benedict was also the last pope to be buried in the traditional three coffins of cypress, lead and elm. Two coffins contained specific documents about his pontificate; the first coffin also held the traditional three bags of coins – gold, silver and copper – representing each year of his pontificate.

At Francis’ funeral, after the public viewing, a plain white cloth will be placed over the pope’s face as he lies in the oak coffin, a continuing part of papal funerals. But this will be the first time that only a single coffin will be used; it will likely contain a document describing his pontificate and a bag of coins from his pontificate as well.

The funeral Mass will then be celebrated at St. Peter’s, most likely inside because of the late winter weather, and there will likely be a crowd of believers outside, assembled on the plaza. The homily will reflect on the life and spirituality of the deceased pope; Francis himself preached at the funeral of his retired predecessor, Pope Benedict. And the future Pope Benedict, as Cardinal Joseph Ratzinger, preached at the funeral of Pope St. John Paul II when Ratzinger was the leader, or the dean, of all senior church officials – what’s known as the College of Cardinals.

The current dean is 91-year-old Cardinal Giovanni Battista Re, and it is unclear whether he will be able to continue this tradition due to his advanced age. Masses will continue to be said in Francis’ memory for nine days after his death – a period called the Novendialis. This ritual was inspired by an ancient Roman tradition prescribing a mourning period ending on the ninth day after a death.

Third station: Burial

Popes in the past have been buried in several different places. Until the legalization of Christianity in the Roman Empire in the early fourth century, popes would be interred in the catacombs, the burial grounds on the outskirts of Rome.

Afterward, popes could be buried in a number of different locations, such as the Basilica of St. John Lateran – the official cathedral of Rome – or other churches in and around Rome. A few were even buried in France during the 14th century, when the papacy moved to the French border for political reasons.

Most popes are buried in the grottoes underneath St. Peter’s, and since Pope Leo XIII’s burial at St. John Lateran in 1903, every pope has been buried at St. Peter’s. According to Francis’ wishes, however, there will likely be a procession across Rome to Santa Maria Maggiore, including the hearse and cars carrying others who will attend this private ritual.

After a few final prayers and sprinkling of holy water, the coffin will be placed in its final location inside the church. Only later will the area be opened to the public for prayers and veneration.

After so many journeys from Rome to visit Catholic communities in countries across the globe, and so many visits to this basilica for prayer and meditation, it seems fitting that, at the end of his life’s journey, Francis would make one last trip to the church he loved so much to be laid to rest forever.

The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts. The Conversation is wholly responsible for the content.

This story was originally featured on Fortune.com



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Gen Z is so terrified of a recession that they’re ditching doom spending, ordering Happy Meals, and using ChatGPT for free therapy

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  • Gen Z is preparing for a potential recession with “no-buy lists” and other thrifty savings habits. They’re turning to free AI therapists, fast-food survey rewards, and dumpster diving to weather the downturn—especially as they’re the most vulnerable to layoffs and rising prices. 

The “lipstick effect” has historically been a popular way to gauge a recession against spending habits—with shoppers opting to buy smaller luxuries, like makeup, during a downturn versus cars and property. 

But Gen Z is redefining their recession experience through all the things they won’t buy. From turning to free ChatGPT bots in lieu of costly human therapists, to creating “no buy” lists including clothes and beauty treatments, they’re proving they’re willing to do anything to save a buck.

“Right now there’s a lot of economic uncertainty,” TikTok user @whatshesaves said in a video, adding she is tackling $9,000 worth of debt. “I am actually trying to go on this journey of eliminating as many things out of my life, in living more intentionally, not just going shopping.”

Her TikTok video clearly resonated with what a lot of young people are feeling right now, raking in over 2.6 million views and 14,500 comments. Users chimed in under the video with their frugal hacks: surviving off Burger King survey rewards, eating kids’ meals as an adult, and dumpster diving for essentials. 

Another user shared the tricks young adults like her pulled out during the 2008 recession. She divulged about sneaking into hotel buffets and grabbing extra condiments at restaurants to take home—potential inspiration for the young generation facing an economic crisis today. 

The ways Gen Z are ‘recession-proofing’ their lives

While no generation is immune to economic downturn, Gen Z is considered especially vulnerable. They’re the lowest on the workforce totem pole with the smallest salaries, often shackled with student debt, still trying to understand finances like many generations navigated during their 20’s. 

Moreover, Gen Z don’t have the savings piled up their Gen X counterparts do, so cutting back on spending in small ways has become a way to actively “recession-proof” their lives. 

One popular way young people have been sharing their saving hacks is through “no-buy lists,” detailing all the things they’re no longer splurging on during the recession. One user on TikTok shared her rejection roster: blankets, polyester “plastic” clothing, shoes, occasion outfits, trinkets, and accessories. She’s also opted out of salon visits—like nail and hair services—alongside buying home decor. Another user echoed her plans to cut back spending on clothes as well as vacations and dates.  

Beyond frivolous expenditures, Gen Z is also shaving their spending on essentials to make ends meet. One 25-year-old digital marketing specialist replaced her human therapist with ChatGPT; Aeyrn Briscoe’s weekly sessions morphed into mini text conversations with the AI chatbot she now turns to several times a day. 

“Therapy is expensive,” Briscoe told The Wall Street Journal. “No one has an extra $200 to spend to talk to someone.”

Gen Z ditching ‘doom spending’ amid financial fears

Gen Z trends of “recession-proofing” and “no-buy lists” couldn’t be farther from the tune they were singing a few months ago. Their days of splurging on little luxuries may be over as the economy takes a turn for the worse.

Young people were once known for “doom spending”: shelling out on their pets, vacations, and clothes for short-term gratification. With the prospect of buying a home getting further out of reach and living costs reaching a fever pitch, these little dopamine hits help quell their economic anxieties. After all, Gen Z is increasingly doubtful they’ll ever be able to afford the American Dream. But now, even the small luxuries are fast falling out of favor.

Nearly 47% of Gen Z do not have an emergency fund, and 27% carry more debt than they do savings, according to a 2025 report from Bankrate. These entry-level professionals are feeling the squeeze at work, too; only 43% are positive about their employer’s business outlook for the next six months, according to a recent report from Glassdoor. That’s the lowest number—and weakest confidence—ever reported since data collection started in 2016.

Not only are Gen Z’s wallets under a pinch, but their jobs may be too. 

“Entry-level workers have less job security,” Daniel Zhao, lead economist for Glassdoor, told Fortune. “As they see these economic headwinds on the horizon, there’s an understandable concern that they might be the first ones to lose their jobs in a recession, or they’ll be left out in the cold when trying to find a new job.”

This story was originally featured on Fortune.com



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