China is normally the largest export market for U.S. agricultural products.  In a typical year, we sell tens of billions of dollars worth of agricultural products to the Chinese, but now that door has been slammed shut thanks to the extremely high tariffs that China has imposed on U.S. imports.  If that door is not reopened very soon, farmers all over the nation will be facing financial ruin due to massive financial losses that are already piling up.  This is not a crisis that may or may not arrive someday.  As you will see below, this is a crisis that is already here.

More than 1.4 billion people live in China.  We send them massive amounts of soy and pork in a normal year, and that has been a very profitable arrangement for U.S. farmers.  Unfortunately, demand has dried up due to the trade war, and this has thrown the U.S. agriculture industry into a state of chaos…

Soy has been severely impacted, with a 125% tariff imposed by China causing a steep decline in exports. Although recent comments from Trump hint at possible tariff reductions, prices for soy derivatives like tofu and animal feed have already climbed. Pork exports have suffered from tariffs reaching up to 72%, leading to higher domestic prices for bacon and pork chops. Dairy products, including cheese and milk, have seen prices spike after China and Mexico introduced new tariffs, affecting popular varieties like cheddar and mozzarella.

Apple exports were curtailed by tariffs from China and India, causing price hikes for varieties such as Gala and Fuji. California's almond industry has also been hit hard, with China applying a 50% tariff; the additional logistics costs have pushed up prices for products like almond milk. Lobster prices have become increasingly volatile domestically after exports to China fell sharply under tariffs of up to 35%.

There were a few months during the pandemic that got a bit crazy, but if high tariffs persist we are going to witness a meltdown unlike anything we have ever experienced before.

The executive director of the Agriculture Transportation Coalition told CNBC that what we are facing "is a full-blown crisis already"…

Peter Friedmann, executive director of the Agriculture Transportation Coalition, or AgTC, a leading export trade group for farmers, told CNBC the number of canceled purchases of U.S. agricultural products should not be described as approaching a crisis. "It is a full-blown crisis already," he said.

Data released by the U.S. Department of Agriculture on Thursday revealed China made its biggest cancellation of pork orders since 2020, halting a shipment of 12,000 tons of pork.

Even though the tariffs have only been in place for less than a month, the Agriculture Transportation Coalition is reporting that many of its members have already been hit by "massive" financial losses…