China’s tariff retaliation caused almost $15 billion in lost sales, study finds

From March 2025 to February 2026, U.S. ag exporters lost $14.9 billion in sales to China on an annualized basis due to Chinese tariff retaliation, a new study finds, with soybeans accounting for almost half of the losses. The figure dwarfs the losses recorded in the first year of U.S-China trade tensions in President Donald Trump’s first term.