03/08/2018 | Press release | Distributed by Public on 03/08/2018 18:20
LINCOLN, NEB. - 'Today's irresponsible action by President Trump to place tariffs on imported steel and aluminum puts Nebraska farmers, ranchers, and consumers on the front line of a possible global trade war. The casualties of this conflict will unfortunately be the pocketbooks of all Americans.'
'Even with the exemption of Canada and Mexico, Nebraska risks more than $3.72 billion dollars in agricultural exports, or 58 percent of Nebraska's total export market.'
'While we anticipate retaliatory measures to be both strategic and overtly political, markets that Nebraska farmers and ranchers have worked hard to build and maintain should not be victims of President Trumps misguided attempts to correct our nation's trade imbalance.'
'This is not just about farmers and ranchers. U.S. consumers also stand to pay the ultimate price in both lost jobs and higher priced goods that rely on a steady supply of imported steel and aluminum.'
'With more than 30 percent of U.S. gross farm income depending on agricultural exports, and with so many farmers and ranchers riding the line between profitability and economic calamity, today's action only serves to destabilize the agricultural economy further.'
By: Jay Rempe, senior economist
Nebraska Risks from Retaliation on U.S. Tariffs on Steel & Aluminum
Top 5 Steel Suppliers to U.S. Top 5 Aluminum Suppliers to U.S.
South Korea United Arab Emirates (UAE)
Total value of exports of agricultural goods in 2016 from Nebraska $6.4 billion (USDA ERS)
Top 6 markets for Nebraska agricultural exports (2016, USDA ERS):
Mexico $1.46 billion 23%
Canada $1.22 billion 19%
Japan $695 million 11%
EU $695 million 11%
China $471 million 7%
S. Korea $413 million 6%
Exports to Mexico, Canada, and China are most at risk from trade war over steel and aluminum imports, but Japan is also in the top 10 countries exporting steel to the U.S.