The Nebraska Farm Bureau estimates in a new report that President Trump’s trade conflicts have cost the state’s farmers as much as $1 billion.
“Retaliatory tariffs make our U.S. products more expensive for international customers, meaning they buy less or buy from someplace else,” Nebraska Farm Bureau President Steve Nelson said Monday in a statement, according to the Omaha World-Herald. “This report provides a clear picture of how much we’ve lost due to those tariffs and the need to improve our trade relations.”
The study did not take into account Market Facilitation Payments, payments aimed at offsetting farm revenue losses as a result of trade disputes, from the Trump administration.
Jay Rempe, a Nebraska Farm Bureau senior economist, told the Omaha World-Herald that corn, soybeans, and pork have been negatively impacted by the trade conflicts.
“The total loss in Nebraska farm revenues due to the retaliatory tariffs ranges from $695 million to $1.026 billion so far in 2018,” Rempe said. “That’s roughly 11 to 16 percent of the export values of Nebraska agriculture goods in 2017.”
The analysis found that the total economic loss to Nebraska ranges between $859 million and $1.2 billion.
“To put a $1.2 billion loss into perspective, every person in the state of Nebraska would need to contribute $632 to cover that volume of lost dollars. That’s a significant hit to our state’s economy,” Rempe said.
The U.S. has been locked in a months-long dispute with China that has led to both countries imposing tariffs.