If a trade war breaks out, American farmers are likely to pay a hefty price. In recent months the Trump administration has announced plans to impose tariffs on steel and aluminum from Canada, Mexico, and the EU, and on $50 billion or more in products from China. The four major trading partners—who purchased a combined $74.5 billion in U.S. agricultural goods in 2017—have vowed retaliatory tariffs of their own, including on U.S. ag exports. That could add to farmers’ woes: Thanks in large part to lower grain prices, U.S. net farm income has plunged by over 50% since 2013.
A version of this article appears in the July 1, 2018 issue of Fortune with the headline “Much to Lose For U.S. Farmers”