Farmers Are Under Hammer From Tariffs. It Could Be Worse This Time.

American farmers are getting squeezed—again—by both U.S. tariffs and retaliation from major trade partners. This time, it might cost the government more to keep them afloat, and the long-term damage could be worse.

Tariffs against major U.S. trade partners took effect on Tuesday. The U.S. imposed a 25% levy on nearly all imports from Mexico and Canada—a one-month exemption for cars was granted on Wednesday—while it doubled to 20% a tariff it imposed on all Chinese products in February.