Heading into this year, most U.S. farmers were hoping to break even or maybe record a small profit. But now they are faced with losing the biggest export market for many of their crops after China retaliated against President Donald Trump’s tariffs. More countries could follow suit. Soybean farmers have particular reason to worry because half their crop is exported and China has long been the biggest buyer. China has also bought a lot of American corn, beef, chicken, sorghum and other crops as part of spending $24.65 billion last year. Now with China slapping 34% tariffs on all American products Friday, all of those products will be significantly more expensive in China.
