Tariffs are a key component of President-elect Donald Trump’s plans for a second term in office. During the campaign he proposed a tariff of up to 20% on all imports and 60% on goods from China.

“Marketplace” host Kai Ryssdal first met corn and soybean farmer April Hemmes in 2019 to discuss what then-President Donald Trump’s trade war with China meant for her farm in Iowa. He checked in with her again to hear her thoughts on what a second Trump administration could mean for her business. The following is an edited transcript of their conversation.

Kai Ryssdal: I want to start by asking the same question I usually do, which is, how’s business? Except I want to ask you, how you think business is gonna be for you with the change in administrations. What do you think?

April Hemmes: Um, here’s what I said to people before: Ag is screwed no matter who gets in there. Because this administration has done very little for trade in agriculture.

Ryssdal: You mean the Biden administration?

Hemmes: The Biden administration, yeah. We haven’t had any new trade agreements, and ag has been screaming for them. And then we also know now what the Trump administration is going to do, which has us running scared. Because, you know, over half of our soybeans, are exported to China. Corn, our biggest trading partner is Mexico. And quite honestly, I have all John Deere equipment. And if he puts a tariff of 200% on John Deere parts coming from Mexico or anywhere else, you know, farmers are going to be in a world of hurt more than we are. But bean market just came in and beans are up $4. That’s unbelievable.

Ryssdal: Explain that to a layperson. I don’t know what that means.

Hemmes: I don’t either! Evidently they’re, you know, the stock market reacted, and now the soybeans. But the the soybeans went up. And I have to go a little bit farther. We had a USDA report come out today, and they lowered the yields. So that’s my interpretation of why the markets went up.

Ryssdal: It seems like every time we talk to you, you are jetting off to one international conference about agriculture or another. What do you expect your counterparts, either in China, I know you were there, you go to the to Europe and the Middle East. What do you expect them to be saying to you?

Hemmes: Well, here’s something that happened. Just last week, they were at the China international Expo, which is a half a million people, all the people China trades with, and they have a big expo. And the soybean people last year went met with all the Chinese government officials. This year, USDA wanted to set up the meetings, and the Chinese wouldn’t accept meetings with them. So that tells you. And then, I got a text from the United Soybean Board Chairman who was there, and they just announced, buckle up. It’s gonna be a fun ride. So there you have it.

Ryssdal: Have you harvested yet? It’s November, so you’ve already had your harvest, right?

Hemmes: Yep, I’m done. And last year, if you remember, I had, like, one of the best harvests I’ve ever had. This year was the worst harvest I’ve ever had. My husband goes, it’s not the worst. And I go, maybe not, but it’s the worst since I’ve been able to, you know, glean all the information off of every acre, you know, have the technology to do that. So, that’s why we have crop insurance.

Ryssdal: What happened? Was it too dry or what?

Hemmes: It was too dry. It was too wet early, so some spots drowned it out, but not much. And then it just shut off. You know, there was just no rain. And I’d been in a drought for four years. So I said, this is gonna catch up to me someday, and we’re all hurting in my little part of the world here.

Ryssdal: We’ve been talking, I don’t know, five, six years, whatever. And we’ve talked a couple of times about how how tough agriculture is. Yow you guys are at the mercy of the weather. And you’re price takers, not price makers, are at the mercy of the market. And you always are resilient as all get out. And are you still feeling that?

Hemmes: Yeah, I am. Well, you almost have to be, because, like I said, I’ve been doing this 39 years. It’ll come back and you take your profits while you can. And fortunately, I’m older, and I’m a more experienced farmer, and I have got a lot of things paid off. So I’m lucky that way. You know, we’ve been farming this ground for over 125 years, and we’ve made it this far. So it’s just like any business, you know, you watch your expenses. So yes, Kai. I’m still optimistic.