This time around, the damage could be more severe. Wednesday's announcement elevated tariffs on three of America's five largest agricultural trading partners—China (34 percent), the European Union (20 percent), and Japan (24 percent). Mexico and Canada, which are America's two largest trading partners, were exempt from the list but have faced 25 percent duties on certain products since March. Together, these five markets account for more than 60 percent of American agricultural exports and retaliatory tariffs have already been enacted by some. China has implemented a 10 percent to 15 percent tariff on American soybeans, cotton, pork, and poultry. In March, Canada announced retaliatory tariffs on a number of American goods, including $5.8 billion worth of agricultural products. The European Union, meanwhile, is considering a suite of tariffs that will impact the agricultural sector.
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