In Iowa, a new study by researchers at the Center for Agricultural and Rural Development (CARD) at Iowa State University reveals the impacts that current trade disruptions are having on Iowa’s economy.
The CARD study calculated that Iowa’s soybean industry faces losing between $159 million and $891 million. The state’s corn industry may lose between $90 million and $579 million. The hog industry faces losing $558 million to $955 million. Ethanol producers are estimated to lose approximately $105 million.
“For farmers, the obvious question is where and how much of your product will you sell this year and next year, and for what price?” said John Crespi, interim director of CARD and professor of economics. “But the harder question is what happens in two, three or 10 years if the trade wars continue? You could find that the U.S. loses so much market share that a decade from now, even if you get rid of the tariffs, the U.S. may be a smaller player.”