Report: Indiana farmers lost $607M in exports during latest China trade dispute

Indiana farmers lost an estimated $607 million in agricultural exports during the first year of China’s latest retaliatory tariffs on U.S. products, according to a new report from North Dakota State University.

The report, A One-Year Retrospective Assessment of China’s 2025/26 Retaliatory Tariffs on U.S. Agricultural Exports, found Indiana was among the states most affected by the trade dispute.

Soybeans accounted for the largest share of Indiana’s losses at roughly $347 million. Corn followed at about $104 million.

Researchers estimate Chinese retaliatory tariffs reduced U.S. agricultural exports by nearly $14.9 billion between March 2025 and February 2026.

The report found the current trade dispute had a larger impact on agricultural exports than the 2018-19 U.S.-China trade war.

China has long been one of the largest foreign buyers of U.S. soybeans, making Midwestern states particularly vulnerable when trade disputes disrupt exports.

Read more: How the trade war with China hurts Indiana farmers

Researchers found soybean exports accounted for nearly half of the total U.S. losses. Nationally, soybean exports declined by an estimated $6.8 billion during the one-year period.

The report comes as many farmers are already dealing with low commodity prices, high input costs and tight profit margins.

Researchers said the tariffs not only reduced exports but also put downward pressure on crop prices as supplies remained in the domestic market.

The report notes a trade framework announced by the United States and China in May could help restore some agricultural exports if future purchase commitments are fulfilled.

However, researchers cautioned that rebuilding lost market share may take time as competing exporters have expanded their presence in China during the trade dispute.