Trump's trade war just forced US soy farmers to take a massive financial hit

President Donald Trump's trade war forced American farmers to take a big hit financially last month, as prices for U.S. farm exports fell faster than they have at any time since 2011, when America was still recovering from the 2008 financial crisis.

Bloomberg reports that American agricultural export prices plunged by 5.3 percent month-over-month, which marks the biggest drop in export prices since October 2011.

Soy bean farmers, which have been specifically targeted by China's retaliatory tariffs against American imports, were particularly hard hit. According to Labor Department figures, U.S. soy export prices plunged by 14.1 percent in July, just after China slapped soy imports with 25 percent tariffs.

Over the past two months, multiple reports have cropped up of Trump-backing soy farmers in the Midwest who say they have been significantly hurt by the president's trade wars with China, Canada, Mexico and the European Union.

Michael Petefish, the President of the Minnesota Soybean Growers Association, told CNN last month that he and his fellow farmers are "hurting" and that he might not back Trump's 2020 campaign if he didn't fix his trade policies.

Some farmers getting hurt by Trump's trade war are still sticking by the president, however. Soybean farmer Bill Beam, for instance, told CNBC that he'd still vote for Trump even though the president is costing him "a lot of money."