Chinese importers have already stopped buying U.S. wheat, soybean purchases are expected to drop even further, and the U.S. ag sector is expecting the financial pain to increase exponentially as long as the Trump administration persists in a trade war with China.

President Donald Trump today announced the U.S. will hit China with $50 billion worth of tariffs on more than 1,000 Chinese productds, taking the U.S. closer to a trade war with the Asian nation, which has threatened to hit back with tariffs on U.S. soybeans, wheat, corn and other commodities.

U.S. farmers and ranchers have a lot to gain from the ongoing trade talks with China, but even more to lose if the two countries cannot come to an agreement on protecting U.S. intellectual property.

China has agreed to increase its imports of American agriculture and energy products and to address U.S. concerns about protection of intellectual property, according to a joint U.S.-China statement released by the White House.