This is bad news for US farmers, the dollar, and anyone counting on American economic dominance.

• Trump declared a food emergency and is rushing in Moroccan fertilizer, dropping his own tariffs after the trade war and Iran conflict pushed fertilizer costs up 30-40%.
• US farms are in deep trouble — bankruptcies are climbing, equipment costs jumped because much of it comes from China, and America now imports more food than it exports.
• Trump's odd fix: pressure Iran to spend its frozen money buying US corn, soy, and wheat to replace the huge Chinese demand lost during the trade war.
• Central banks are planning to cut dollar holdings and buy more Chinese yuan and gold, because trade increasingly runs through China, not the US.
• Holding US bonds barely pays after inflation, giving the world little reason to lock money into dollars for a decade.

Outlook: Dedollarization looks set to continue as central banks keep stacking gold and yuan, while the Iran farm deal remains a long shot.