Agricultural and industrial equipment manufacturer Vermeer Corporation was hit hard on Thursday by a tornado in Pella, Iowa. A Des Moines Register article says several plants on the campus suffered significant damage and the waste management facility was a total loss. The tornado hit at the same time the company had over 400 extra people on site to celebrate its 70th anniversary. Vermeer CEO Jason Andringa says employees and visitors were immediately taken to tornado shelters on site. That quick action kept injuries to a minimum, which included seven people going to the hospital with minor injuries. There were other injuries that didn’t require a hospital visit. Andringa says there is significant structural and property damage across the campus. “Plants four and seven, as well as our advanced system testing facility, need assessments before we can figure out the damage and the ability to continue operations,” he says. “Plants five and six both have significant damage that will likely make it hard to continue operations.” Andringa says the company has survived a lot of challenges in seven decades of doing business and will do it again.

White House Trade Adviser Pete Navarro downplayed the impact tariffs are having on the ag economy, calling the impact of the trade war between the U.S. and China “a rounding error,” compared with either country’s economic output. “My point is that it’s much less disruptive than these headlines would suggest,” Navarro told CNBC. “It’s also much more constructive as we see the adjustments made in terms of where investment is going to and where we’re going to build.” Politico says there is yet another move in the works. The administration is preparing to impose tariffs on another $200 million worth of Chinese imports. The Commerce Department is studying whether imported automobiles and parts threaten U.S. national security and warrant further restrictions. Iowa Senator Joni Ernst didn’t let Navarro’s comments go unanswered. “Mr. Navarro, America’s farmers are caught in the crosshairs of this game of ‘chess,’” Ernst says, “and offhand comments like the ones Mr. Navarro made disregard the people whose livelihoods depend on global trade.” She points out that more than 456,000 jobs in Iowa alone depend on trade, with the new tariffs threatening $977 million in state exports. “There’s no rounding error,” Ernst says.

American farmers are carrying the burden of trade tariffs put in place by President Donald Trump and they were in Washington this past week to discuss it during a congressional hearing. Farmers shared concerns that included shrinking export markets, rising costs, and bankers who would be more reluctant to loan money for operating costs. Scott VanderWal, American Farm Bureau Vice President, says he is hearing from farmers that they still trust that the president knows what he’s doing. “We understand that other countries like China have not played fairly and we respect his desire to remedy those situations,” VanderWal says. But, he adds that other countries know what they’re doing when they “hit back” by targeting American agricultural exports. VanderWal points out that soybeans have lost 20 percent of their value since May. He says, “If sales have to be made at these price levels, this will show up as a massive shortfall in our financial statements.” Farmer income has dropped 52 percent since 2013, making it more difficult for farmers to repay loans. In turn, that increases the level of uncertainty for the bankers who lend to farmers and ranchers.

The Midwest saw rains this week in some much-needed areas and some not needed areas. It’s been a spotty season in the heart of the United States as areas such as Western Iowa are wet, in fact nearing too wet. But, to the south, much of northern Missouri is classified in an extreme drought, according to the latest Drought Monitor. Farmers in parts of Missouri are reporting estimated yield losses up to 70 percent for corn, and others are chopping corn for silage, normally a rare occurrence those areas of the state. Farmers report fields “look like September,” when asked about crop conditions in Northern Missouri. Further, with the expectation of the Gavins Point Dam water releases to reach 60,000 cubic feet per second next week, The Missouri River along Iowa and Nebraska into Missouri remains swollen, risking flood stages on a daily basis. Eastern Kansas remains dry, as well, with crops lacking much-needed moisture. The Western region of the U.S. has nearly all of its Southern states in a classified drought. And, much of Texas, parts of Oklahoma, Arkansas and Louisiana, are in a classified drought, as well.

The impact of the current trade climate on land prices remains unknown, but Farmers National Company says time will tell. Farmers National says there is no easy answer as to what effect trade issues are having on land prices currently. The company says many factors influence local land values. Supply of land for sale and the level of demand are key factors influencing land prices along with the income generated by the land and interest rates. However, when noticing low commodity prices, the company explains that land is a long-term investment and its true value is an expression of future revenue streams. The group says uncertainty of future events causes today’s caution but adds “stay tuned to see what plays out over the next few months” in agriculture and the land market for the answer.

“Tariffs are not the ultimate answer,” says Agriculture Secretary Sonny Perdue. Speaking to the Washington International Trade Association, Perdue told the group tariffs are rather “a tool to get people’s attention” so both teams “play by the same rules.” Politico reports that Perdue recognized retaliation by China, Mexico, Canada and the European Union to Trump’s tariffs was causing pain in farm country, but he tried to frame it in an optimistically. Perdue said he told the President Wednesday when asked how things are in farm country: “I can’t lie to you. It’s a little bit like a weight loss program. It’s painful when you’re going through, but we think there’s going to be better days ahead.” The comments came the day the House Ways and Means committee heard from farmers and ranchers on the harm the ongoing trade war is causing. A current consensus seems to be that agriculture understands trade could be better when the dust settles, but an American Farm Bureau Federation representative says the decisions made now could be costly for farmers and ranchers.