A farmer in Hastings, Minnesota. Photo: Kerem Yucel/AFP/Getty Images

The personal income of farmers in the U.S. declined by an annualized $11.8 billion between January and March, the biggest 1st quarter drop in 3 years, Bloomberg reports, citing Commerce Department data released Monday.

The big picture: The drop is being driven primarily by the fallout from President Trump’s trade disputes, a nosedive in commodity prices and record flooding in the Midwest. As a result, farmer bankruptcies in the Midwest have shot up to levels the U.S. hasn't seen for approximately a decade.

  • Bloomberg reports that the Trump administration's $12 billion subsidy plan to aid farmers who have suffered major losses from the trade war had helped bolster farm income during the previous quarter, but that the one-time subsidies didn't do much in Q1.
  • White House economic adviser Larry Kudlow said on Monday that he was "cautiously optimistic" about a U.S.-China trade deal and that the administration will know more in about 2 weeks.

Go deeper: America's farmers are living through the worst economic crisis in 30 years

Go deeper

Updated 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 19,451,097 — Total deaths: 722,835 — Total recoveries — 11,788,665Map.
  2. U.S.: Total confirmed cases as of 2. p.m. ET: 4,968,413 — Total deaths: 161,858 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective.
  4. Science: Indoor air is the next coronavirus frontline.
  5. Schools: How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.
1 hour ago - World

What's next for Lebanon after the Beirut explosion

Photo: Houssam Shbaro/Anadolu Agency via Getty Images

Beirut residents are still clearing rubble from streets that appear war-torn, days after a blast that shocked the country and horrified the world.

Why it matters: The explosion is likely to accelerate a painful cycle Lebanon was already living through — discontent, economic distress, and emigration.

Wolf Blitzer marks 15 years in "The Situation Room"

Wolf Blitzer on the White House beat in 1993, along with NBC's Brian Williams, CBS' Rita Braver and ABC's Brit Hume. Photo: Paul J. Richards/AFP via Getty Images H

Aug. 8, 2005 — "The Situation Room's" debut on CNN wherein the host first said: "I'm Wolf Blitzer and you're in The Situation Room, where news and information from around the world arrive in one place simultaneously!"

The state of play: When the pandemic took off in the U.S. in March, Blitzer started working 7 days a week for 60+ days, until he took a Sunday off. Then he continued 7 days a week until he took a few days off.