Farmers and meat producers across the U.S. can expect the new tariffs on Mexico, Canada and China and the retaliation to hurt their bottom lines by billions of dollars if they stay in place a while. And consumers could quickly see that result in higher prices at the grocery store for some things. But some of the impact might not be felt until the next harvest and the price of corn, wheat and soybeans accounts for relatively little of the price of most products consumers buy. Plus, President Donald Trump could offer farmers significant aid payments to offset some of the losses. But if the tariffs make farmers and consumers uneasy about spending that would hurt the economy overall.
