Kearney, NE -- The trade war could be costing Nebraska more than $1 billion, according to a new analysis from Nebraska Farm Bureau.
As the state's largest farm group kicked off its convention, Pres. Donald Trump tweeted farmers would win big, as the U.S. agree to hold off, and not impose more tariffs on China.
Jordan Dux said, "The Chinese have also said they would increase the amount of agricultural exports they will bring in immediately. We need to see what that is. Hopefully soybeans will be on those ships, more soybeans will be sent over there.
Dux said soybean exports to China have dropped 97 percent, as a result of retaliatory tariffs. Now Farm Bureau has calculated the impact of the trade war, finding Nebraska has been hit in a big way.
Farm Bureau Economist Jay Rempe said, "Nebraska farmers potentially lost receipts ranging from $600 million to just over 1 billion."
Rempe said tariffs dampened corn prices by 12 to 14 cents per bushel, and up to $1.54 per bushel on soybeans. Pork also lost almost $20 a head.
The Farm Bureau analysis estimates the tariffs have resulted in up to 6,000 jobs lost in the state.
Farm Bureau Pres. Steve Nelson said, "We’re dealing with people’s livelihoods. It’s not just an academic discussions, this is real to people to people who make their living on the land."
Two years into the president's term, farmers have some frustrations, but Farm Bureau leaders say they support his efforts to level the playing field, and they think his strategy may be starting to pay off.
Dux said, "This is a president trying to get a deal together for agriculture. Certainly, things change all the time, there are members of his administration who I would say aren’t farmer friendly. It’s a busy time but there’s a lot of benefit for agriculture. Hopefully we can see an end to some of these things."