Farm Bureau report: $1B hit to Nebraska from retaliatory tariffs
A new report from the Nebraska Farm Bureau shows retaliatory tariffs imposed by U.S. trading partners in response to U.S. steel and aluminum tariffs have cut Nebraska farm level revenue between $700 million and $1 billion dollars in 2018. The report also shows the retaliatory tariffs have cost the state of Nebraska between $164 million and $242 million in lost labor income, in addition to the loss of 4,100 to 6,000 Nebraska jobs.
In addition to identifying financial losses, the report “A Path Forward on Trade – Retaliatory Tariffs and Nebraska Agriculture,” also offers specific actions to eliminate retaliatory tariffs and secure long-term access for agriculture and other U.S. products into international markets.
“International trade is critical to agriculture. In most years the value of agriculture exports will equal roughly 30 percent of the total agriculture commodity receipts or sales for the state of Nebraska. Retaliatory tariffs make our U.S. products more expensive for international customers, meaning they buy less or buy from someplace else. This report provides a clear picture of how much we’ve lost due to those tariffs and the need to improve our trade relations,” said Steve Nelson, Nebraska Farm Bureau president.
Link: https://www.1011now.com/content/news/Farm-Bureau-report-1B-hit-to-Nebraska-from-retaliatory-tariffs-501821722.html
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