A new report issued by the Nebraska Farm Bureau at their convention this week shows retaliatory tariffs have cut the state’s farm level revenue between $700 million and $1 billion this year. Farm Bureau Senior Economist Jay Rempe says they took previous research done at Iowa State University and applied it to Nebraska’s commodity prices.
He says their research showed not only did the ag sector take a major hit from the tariffs but so did Nebraska’ overall economy leading to a large number of lost jobs.
The total economic loss to Nebraska is between $859 million and $1.2 billion dollars.
Rempe says it’s critical there’s more expansion of agricultural markets as well as elimination of U.S. imposed steel and aluminum tariffs to address this economic loss.
Rempe says other specific actions that need to be taken include: securing Congressional approval of the USMCA, swift action to secure a free trade agreement with Japan and the European Union and inclusion in the Comprehensive and Progressive Agreement for the Trans Pacific Partnership.
