The Nebraska Farm Bureau says President Donald Trump's tariffs have cost the state's farmers over $1 billion, a figure they claim is a substantial hit to the state's economy.
Nebraska farmers have lost upward of a billion dollars in revenue from ongoing trade conflicts, according to a new report issued Monday by the Nebraska Farm Bureau. The hit to agriculture from the ongoing tariff wars has been clear for some time, but the new report uses some eye-popping numbers to illustrate the pain.
The Nebraska Farm Bureau disagree with President Trump's assertions that the United States' trade war with the People's Republic of China has helped farmers, an assertion that makes little sense when acknowledging the record number of farm bankruptcies in the upper Midwest , and that farmers have little hope of just breaking even at this point.
The effect of Trump's tariffs to the broader Nebraska economy is cataclysmic in scale.
In terms of the broader Nebraska economy, the analysis says that when direct farm losses are combined with the state’s labor income losses, the total economic loss to the state of Nebraska from retaliatory tariffs climbs to 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 (Nebraska Farm Bureau senior economist) said."