An export slump is one of the major problems plaguing U S agriculture Many of the world economic forces, that had turned against U S farmers m the early eighties have now changed The exchange rate is one of these forces This article presents a simulation of the disparate impacts of depreciation on importers and competing exporters, and the implications for specifying price transmission equations in international trade models Protective policies, such as tariffs and quotas, reduce the elasticity of exports with respect to a change in price