• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

2

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

3

Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers

1

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

2

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

3

Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers
EconomyTariffs

Trump’s agricultural tariffs hit all 50 states—driving up food prices, crushing exports, and leaving farmers with nowhere to turn

By
Tristan Bove
Tristan Bove
Contributing Reporter
Down Arrow Button Icon
By
Tristan Bove
Tristan Bove
Contributing Reporter
Down Arrow Button Icon
April 14, 2026, 1:18 PM ET
US President Donald Trump
President Donald Trump’s tariffs dealt economic blows in all 50 states.Salwan Georges—Bloomberg/Getty Images

When the Trump administration began its tariff campaign in 2025, some of the loudest critics focused on the consequences for Midwestern farmers or border states. A year in, the impact of tariffs has become clearer, and some research suggests no state has emerged completely unscathed.

Recommended Video

Early last year, the Trump administration established one of the most sweeping tariff regimes in the country’s history, including a 10% duty across the board and country- and commodity-specific penalties, in some cases as high as 50%. These tariffs were widely expected to have a biting effect on the economy. But while some observers assumed the immediate pain would be confined to agricultural producers or states heavily reliant on international supply chains, the shock proved far more widespread. 

Trump’s tariffs effectively revealed 50 different trade vulnerabilities across the country, each dictated by a state’s own production and consumption patterns, according to a paper published last week by researchers at Ohio State University and Cornell University. By the end of 2025, even states that had never depended on buying goods from abroad were feeling tariff tremors in their own way.

The peer-reviewed study, published by the Agriculture and Applied Economics Association, analyzed where and how goods are produced, shipped, and consumed in each U.S. state. 

The authors found that tariffs led to “immediate shocks” for net importers who were suddenly tasked with absorbing the bulk of levy payments. But consequences for states that rely on exporting agricultural products internationally weren’t far behind, as U.S. trading partners swiftly moved to retaliate. Even states that neither import nor export huge quantities of goods ultimately had to pay the price of tariffs in the form of higher food prices, as farmers began passing costs down to consumers.

“The United States doesn’t have one agricultural trade exposure—it has 50 different ones,” Wendong Zhang, an economist at Cornell and one of the study’s authors, said in a statement. 

Some for everyone

The economic story of tariffs last year was one of a slowly cascading domino effect that gradually involved more and more parts of the U.S. economy. Early evidence suggested U.S. businesses and importers were shouldering most of the costs associated with tariffs. Larger retailers, in particular, were able to absorb most of those added costs, with only marginal consequences for customers, by front-loading orders before tariffs kicked in and drawing down inventories. 

But the writing was always on the wall for consumers. Small businesses with fewer resources were among the first to be forced to raise prices, eventually joined by companies including Amazon, Walmart, and Target. By 2026, U.S. businesses and consumers were covering almost 90% of tariff costs, according to Federal Reserve research.

The knock-on effects have been primarily felt by agricultural and coastal states that rely on exports, the Cornell and Ohio State study found. Trading partners, including Canada and China, responded to Trump’s duties with retaliatory tariffs that have hit these U.S. states hard. In the first half of 2025, for example, agricultural exports to China fell to $5.5 billion from $12 billion in 2024, according to AgAmerica, an agricultural lender. This was primarily owing to a dramatic collapse in Chinese soybean purchases from the U.S., which pushed tens of thousands of American soybean farmers into the middle of an escalating trade war.

The ripples from retaliatory tariffs aren’t contained to Midwestern staple crops. The study’s authors found that Canadian crackdowns on U.S. alcohol imports had consequences for Kentucky and Tennessee, both states with large bourbon and whiskey industries that are heavily exported. The U.S.-Canada trade war has also dealt a blow to exporters in the Northeast, where states previously sold around two-thirds of their milled grain, non-cereal crops, and their live animals and fish to Canada.

Steering clear of international trade has done little to help Americans either. As farmers have faced higher costs for livestock feed, fertilizer, and machinery, those higher costs now appear on grocery store shelves across the country as food inflation, according to the study. 

With prices for items like fertilizer expected to rise even higher owing to the war in Iran, and Trump promising to preserve his tariff policy despite orders from the Supreme Court to abandon his most extreme duties, all American consumers are likely to feel the sting of more expensive food, regardless of where they live.

“When processors face higher input costs, they pass it along,” Zhang said. “Eventually, the consumer in a New York grocery store is paying more for something that traces back to a trade dispute in Washington—even if New York itself exports very little.”

The upshot of Trump’s trade regime, according to the study, is that U.S. trading partners could continue gravitating toward other providers, eroding established import and export patterns across the U.S. If the consequences of tariffs a year in are any indication, the authors warned, a trade policy designed to crack down on importers could end up undermining and altering the makeup of regional economies nationwide.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter will deliver clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
By Tristan BoveContributing Reporter
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon

Latest in Economy

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Economy

lebanon
EconomyIran
Lebanon’s economy minister on the ‘existential nature’ of the Iran War shock: companies closing, people losing jobs, no tourism
By Malak Harb, Kareem Chehayeb and The Associated PressMay 15, 2026
35 minutes ago
Current price of oil as of May 15, 2026
Personal FinanceOil
Current price of oil as of May 15, 2026
By Joseph HostetlerMay 15, 2026
2 hours ago
Singapore Airlines defends its decision to invest in loss-making Air India: ‘We know the market and how difficult it feels’
Asiaaviation industry
Singapore Airlines defends its decision to invest in loss-making Air India: ‘We know the market and how difficult it feels’
By Angelica AngMay 15, 2026
3 hours ago
Wall Street sees ‘nothing of real substance’ in Trump’s China trade deal—and stocks sell off globally
North AmericaMarkets
Wall Street sees ‘nothing of real substance’ in Trump’s China trade deal—and stocks sell off globally
By Jim EdwardsMay 15, 2026
4 hours ago
Fed Governor Stephen Miran to resign after Kevin Warsh is sworn in
BankingKevin Warsh
Fed Governor Stephen Miran to resign after Kevin Warsh is sworn in
By Bloomberg and Enda CurranMay 14, 2026
19 hours ago
Bat deaths over the last two decades have cost American taxpayers in lost crops, higher taxes, and pricier bonds
Environmentfarming
Bat deaths over the last two decades have cost American taxpayers in lost crops, higher taxes, and pricier bonds
By The ConversationMay 14, 2026
20 hours ago

Most Popular

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
3 days ago
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
Success
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
By Preston ForeMay 13, 2026
2 days ago
Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers
Travel & Leisure
Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers
By Catherina GioinoMay 12, 2026
3 days ago
The airplane fuel shortage is a myth propagated by airlines who want to cancel unprofitable flights, says private jet CEO
Energy
The airplane fuel shortage is a myth propagated by airlines who want to cancel unprofitable flights, says private jet CEO
By Jim EdwardsMay 14, 2026
1 day ago
Current price of oil as of May 14, 2026
Personal Finance
Current price of oil as of May 14, 2026
By Joseph HostetlerMay 14, 2026
1 day ago
Steve Jobs used a 'beer test' for interviews at Apple—if he didn’t want to drink with you, you didn’t get the job
Success
Steve Jobs used a 'beer test' for interviews at Apple—if he didn’t want to drink with you, you didn’t get the job
By Orianna Rosa RoyleMay 14, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.