Group estimates trade dispute to cost Nebraska farmers $943M
OMAHA, Neb. (AP) — The Nebraska Farm Bureau estimates the ongoing trade dispute will cost the state’s farmers $943 million in lost revenue this year, but those losses will be partly offset by aid payments from the government.
Nebraska Farm Bureau economist Jay Rempe said Tuesday the lost revenue will add to the financial pressure on farmers in the state and hurt Nebraska’s economy because so many communities rely on farmers’ spending.
University of Nebraska-Lincoln agricultural economist Brad Lubben estimates that Nebraska farmers will receive roughly $460 million in aid from the first half of this year’s $16 billion federal aid program. That would cover nearly half of the lost revenue.
Additional aid payments are possible if the trade dispute with China lingers through the end of the year, but federal officials will decide that later.
Last year, the Farm Bureau estimated that Nebraska farmers lost between $695 million and $1 billion in revenue because of the trade dispute. The state’s farmers received $574 million in aid payments last year as part of an $11 billion bailout program.