The Economic Research Services of the USDA has calculated the cost to the agricultural sector of tariffs imposed by the U.S. from mid-2018 through 2019. Retaliatory tariffs imposed by China on U.S. exports during the 18-month period amounted to $25.7 billion. Lost soybean exports comprise 70 percent of the impact amounting to $9.4 billion in annualized losses. Farmers in Iowa, Illinois and Kansas were especially at a disadvantage in terms of lost sales.
In 2020 agricultural exports to China rebounded following conclusion of the U.S.-China Phase One Economic and Trade Agreement. Notwithstanding the agreement, U.S. market share of agricultural imports by China remain below the pre-retaliatory tariff level in January 2021. It was calculated that through the end of 2021 China was $16 billion short of their commitment to purchase U.S. goods including soybeans and grains. China has imported soybeans from Brazil and corn from Argentina and more recently from the Ukraine presumably at a lower landed cost given import duties.
To compensate for their losses, the Administration has reimbursed farmers to the value of $28 billion over two years with most payments made under the Market Facilitation Program.
The U.S. Section 301 tariffs on Chinese imports are still in place. China has not rescinded retaliatory tariffs but is exempting some items in accordance with the Phase One agreement.