A study released this week from the Nebraska Farm Bureau shows the state’s farmers will lose close to $1 billion in revenues this year due to retaliatory tariffs from the trade war. Farm Bureau Senior Economist Jay Rempe says their estimated losses are based on commodities covered by the Market Facilitation Program payments.
He says most of the state’s major commodities were calculated in the study, except for beef and skins.
Rempe says when the losses to Nebraska’s overall economy are coupled with the losses to agriculture, the total impact of tariffs is around $1.16 billion.
The study shows soybeans make up more than half the losses at $589 million while corn losses are projected at $251 million. The report didn’t figure the potential for MFP payments, which will make up some of the losses.
