The American Soybean Association and the National Corn Growers Association commissioned a study on the potential agricultural impacts of a renewed U.S./China trade war. The research, conducted by the World Agricultural Economic and Environmental Services, underscores the wide-ranging effects on rural economies. The previous trade war disrupted exports by around $10 billion per year.

In a situation where China reverts to previous tariff levels, U.S. soybean exports to China could fall by 51.8%. This would be a reduction of 14 to 16 million metric tons. Corn exports to China could decrease by 84.3%. This would be a 2.2 million metric tons decrease.

In a worst-case scenario where the Chinese tariff increases by 60% and other countries increase tariffs by 10%, soybean exports could drop by over 25 million metric tons and corn exports could fall by nearly 90%. U.S. corn and soybean farmers could experience billions of dollars in lost production value. Brazil and Argentina could gain global market share, which could be difficult for U.S. farmers to reclaim.

The study reports that Iowa, Illinois and Kansas lost a combined $3.8 billion during the previous trade war.

Read more on the potential impacts of a U.S./China trade war here.