(Neb)-Trade Wars Cost Neb Farmers Up To $1-B This Year
LINCOLN, Neb. (AP) - A Nebraska Farm Bureau report says trade conflicts have cost Nebraska farmers up to $1 billion dollars in farm income this year, including between $164 million and $242 million in lost labor income.
The report didn't mention President Donald Trump, who imposed steep U.S. tariffs on steel and aluminum imports earlier this year, resulting in retaliatory tariffs by many nations on U-S ag exports.
The economic analysis prepared for the Farm Bureau specifically examined the impact on corn, soybeans and hogs, the products most affected by the retaliatory tariffs.
Nebraska Farm Bureau senior economist Jay Rempe is co-author of the new report, and says the total loss to the broader Nebraska economy was estimated as high as $1.2 billion.
The analysis didn't account for federal Market Facilitation Payments aimed at offsetting the loss of farm revenue because of trade disruptions.
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