Iowa would take the biggest hit in the country if China enacts a retaliatory tariff on soybeans, according to a report by Moody’s Investor Service, the Des Moines Register reported. Although Iowa is not the largest U.S. soybean grower, the state’s $2 billion soybean exports to China make up about 4 percent of the state economy. China has proposed 25 percent tariffs on $50 billion of U.S. products, including pork and soybeans, in response to President Donald Trump’s proposed tariffs on Chinese steel, aluminum and electronics. Iowa’s farm income has fallen about 74 percent over the past five years to $2.5 billion in 2016. “I can say with a lot of confidence that it’s not going to be good for state revenues. But I can’t say how bad it’s going to be,” said Marcia Van Wagner, Moody’s vice president and senior credit officer.