Nebraska Farm Bureau Report Says Trade Tariffs Responsible for Up to $1 Billion in Lost Revenue

December 4, 2018 - 1:05pm

A new Nebraska Farm Bureau report says U.S. trade disputes resulting in tariffs have cost farmers in the state up to $1 billion in lost revenue for 2018.

Along with lost income, the report also mentions a loss of over 6,000 jobs due to retaliatory tariffs responding to U.S.-imposed aluminum and steel tariffs. The report ends with recommendations that include ending those U.S.-imposed tariffs, as well as a recommendation to secure congressional approval for the new United States, Mexico, Canada Agreement.

Jay Rempe, who is the senior economist for the Nebraska Farm Bureau and lead author of this report, said as long as the tariffs are still in effect, the uncertainty of 2018 remains.

“For future decisions, farmers right now are already trying to think about what they want to plant next year," Rempe said. "Maybe even considering marketing some of their production for next year already. When you have these kind of trade disruptions out there, and things seem to change daily, it really makes those decisions hard.”

The federal government has been making payments to farmers to make up for some of the trade losses. After meeting with the Chinese president on Saturday, President Donald Trump said some agricultural exports to China will resume. There are no specifics on when that might happen.



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