Several major developments have taken place when it comes to trade. This includes delays of implementation of country-specific tariffs, as well as new threats of tariffs against the European Union, Mexico and Brazil. Dave Salmonsen, senior director of government affairs for the American Farm Bureau Federation, said the new deadline to circle on the calendar is August 1.

"The President announced that about a week ago, giving many countries more time to negotiate deals with the U.S. to lower tariffs, and certainly in agriculture, we hope to reduce barriers and increase our opportunities to export our products," Salmonsen said.

Salmonsen said farmers could face the brunt of impacts if tariffs are implemented.

"I think you'd get a couple of impacts. One, their products coming in here, of course, would be more expensive. Some of these tariffs from the 20 to 30 percent or higher," Salmonsen said. "Things that farmers use, inputs that come from overseas, would definitely become pricier. If tariffs go into effect, countries will respond. Either they retaliate with their own tariffs on us, or they may look elsewhere to buy."

Salmonsen said it’s still too early to know how trading partners will react.

"We've seen in the past, China put on some higher tariffs. They ended up about 10 percent more. Other countries don't have a big history of retaliating," Salmonsen said. "Even though they get higher tariffs, they don't usually put higher tariffs on what they get from us but, then again, they may look to purchase elsewhere if they can find it."