OTHER VOICES: Cost of trade war, tariffs to Nebraska becomes clearer
Putting a dollar figure on the damage tariff talk has done to Nebraska provides important perspective.
A report issued by the Nebraska Farm Bureau placed the cost of this tough talk at $200 million in 2017, with corn and soybeans seeing the steepest drop. And that’s before the first tariffs even took effect, with a separate study finding tariffs cost Nebraska nearly $1 billion in farm income in 2018.
This disastrous approach has only ramped up since; the latest developments see the United States and China doubling down on their trade war. Given that producers in Nebraska’s leading industry face many existential struggles – plummeting commodity prices, natural disasters, farm income halved since 2013, falling land values and near-record bankruptcies – the state will acutely feel the escalation of such harmful policy.