American farmers are once again caught in the crossfire of Trump's trade wars. Despite a 90-day tariff truce with China, they continue to face rising export costs for soybeans, corn and pork, along with effects from earlier retaliatory tariffs and export restrictions.
The numbers tell a stark story. U.S. soybean exports to China experienced a significant decline during the height of trade tensions. According to data from the United States Department of Agriculture (USDA), from mid-2018 to the end of 2019, retaliatory tariffs imposed by six major trading partners —Canada, China, Turkey, Mexico, the EU , and India—resulted in estimated losses of over $27 billion in U.S. agricultural exports. Soybeans alone accounted for more than 70 percent of those losses.
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