America’s Farmers Need More Than a Trade Truce

President Donald Trump would love nothing more than to announce an end to the trade war with China and relief for the country’s farmers, who have been hit especially hard. But history is likely to get in the way for reasons well beyond his control.

In the past century, American agriculture sustained two big boom-and-bust cycles. The current downturn features a familiar combination of factors that led to both: First, rising exports fueled growth. Then the government supercharged it. Inevitably, things went bust.