Welsh farming could become "economically unviable" as "floodgates for imports" are opened, said NFU Cymru's president, John Davies.
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Mr. Davies was reacting to a trade deal agreed between the UK and New Zealand.
The UK government said it would cut red tape and end tariffs on exports.
However, Mr Davies thinks it has "the potential to seriously threaten Welsh farming" by making it easier for New Zealand to sell lamb in the UK, with little benefit in return.
"It leaves me particularly worried about the cumulative impacts successive trade deals will have on Wales' farmers, as slowly but surely the floodgates are thrown open to imports from all over the world," he said.
Welsh Liberal Democrat leader Jane Dodds described the deal, as well as others in the pipeline, as a "hammer blow" for the farming industry.
"Small and local family-owned farms will be the worst hit by this deal, unable to compete with large farming corporations present in both New Zealand and Australia," she said.
Ms Dodds fears it could have a "lasting impact on the Welsh economy and rural life".
"The benefits of this deal, alongside that of the Australian deal do not even begin to cover the lost trade revenue caused by Brexit, with the lost trade between the UK and Ireland in the last six months eclipsing that of the supposed benefits of the Australia trade deal over the next 15 years," she added.
Asked by Plaid Cymru's Ceredigion MP Ben Lake in the House of Commons what benefits it would give to farmers in his area, International Trade Secretary Anne-Marie Trevelyan said it provided an opportunity to "reach-out and build new relationships".