That giant cliff in Thursday’s stock market report comes down to one thing—one big thing. Donald Trump has admitted that his negotiations with China have gone nowhere, his promised deal in which China was going to buy more U.S. farm products never existed, and in a month he plans to increase the tariffs on China to cover another $300 billion worth of goods.

To repeat, Trump’s crack negotiations, the negotiations which he has claimed were on the brink of success over and over, have generated:

No trade deal.

No agriculture deal.

No restriction on the production of opioids.

Not only is the stock market sharply down, but prices for soybeans, which had risen sharply in May after Trump promised China was about to make a record purchase, are on their way back to the basement. That means that farmers aren’t just set to lose more money on this year’s crops, they’re also losing on anything they were holding in reserve for those promised sales. At this point, both agricultural products and futures are down across the board. And this in a year when farmers are facing record foreclosures and record floods.

Meanwhile, former Trump economic adviser Gary Cohn admits that the tariffs are doing more harm to the U.S. than to China. Speaking to The Independent, Cohn stated that he didn’t really think the tariffs are impacting the Chinese economy. But they are having a “dramatic impact” on American manufacturing.