Look for domestic food prices to drop. It will hurt farmers. But, that means conglomerates like ADM on Wall Street today.
“It will hurt farmers.”
I agree that agricultural products are a top category for Chinese retaliation, but two things:
1. The total amount eaten should stay around the same. If the Chinese buy wheat from someone else this season, the customer who was going to buy that wheat before will have to get it from somewhere else. Commodity products are easier to substitute. So it is unlikely to be a one to one hit on US producers.
2. The Trump Administration and Congress already have a bailout ready for farmers, if they get caught in the trade war changes. Last I heard it was like $19 billion.