Study shows impact of tariffs on farmers

Tariffs are an ongoing concern for farmers as harvest is delayed due to wet conditions in many areas of the Midwest. Even with the trade deals made with Mexico and Canada, concerns continue. A new study led by John Crespi, interim director at the Center for Agricultural and Rural Development at Iowa State University, shows the impact of trade disruptions due to tariffs estimates losses to Iowa’s gross state product in the range of $1 billion to $2 billion.“The farm crisis of the 1980s, of course, was much worse because it also came at a time of very high interest rates and record farm debt,” Crespi said. “An interesting déjá vu with the farm crisis of the 1980s is that much of the impact was linked to policies out of Washington.”The CARD study calculates Iowa’s soybean industry facing losses between $159 million and $891 million. Iowa’s corn industry may lose between $90 million and $579 million. Losses in the hog industry could be $558 million to $955 million. Ethanol production is estimated to lose $150 million.