Nebraska Farm Bureau estimates close to $1 billion in lost revenue because of tariffs
According to the Nebraska Farm Bureau, ongoing tariffs imposed on the United States will cost the state’s producers $943 million in lost revenues in 2019, this on the heels of losing an estimated $695 million to $1.02 billion in 2018.
The analysis utilizes United States Department of Agriculture (USDA) data to estimate tariff related losses on a statewide per-commodity basis, as well as estimate total commodity losses on a per-county basis.
“We appreciate the administration’s ongoing support for America’s farm and ranch families through Market Facilitation Program assistance, but this analysis shows just how critical it is that we resolve the prolonged trade conflicts that have created the tariff pressures,” said Nebraska Farm Bureau President Steve Nelson.
Overall, soybean producers were hit the hardest, losing around $589 million from retaliatory tariffs while corn producers are expected to lose about $251 million. Pork producers are also projected to see losses of about $40 million.
Export losses of beef, hides and ethanol were not included in the analysis but with those projected losses included, the state could see tariffs costing it more than $1 billion.
The report was conducted by the NFB’s senior economist Jay Rempe. The full analysis is available here.
“This analysis shows how important trade is for Nebraska farmers, ranchers, rural communities, and our state. It’s vital we eliminate trade barriers and secure trade deals that allow farmers and ranchers to work freely to capture, develop, and grow international markets,” Nelson said. “Congressional passage of the United States-Mexico-Canada Agreement, securing a bi-lateral deal with Japan, and progress on the China front would be very good places to start.”