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Indiana farmer talks about tariff impact
An Indiana farmer was one of several business leaders speaking against adding another layer of tariffs against Chinese goods. Brent Bible from the Lafayette area joined a Tariffs Hurt the Heartland conference Thursday, saying tariffs have already hurt markets and commodity prices. “We have seen somewhere around a 10% price reduction in corn and 20% to 25% now price reduction in the price of soybeans from about a year ago.”
Bible told reporters the impact of lost markets and lower commodity prices has him and other farmers operating at a loss. “We could probably survive two to three years operating at the level of loss that we’re projecting, and then it just wouldn’t be viable.”
Bible says the tariff impact on markets and prices has caused ag lenders to recalculate, and lenders have held money back from producers seeking loans.
Ag Secretary Perdue has said a second Market Facilitation Program payment might happen this year, and Bible says that would help farmers. “Our operation, and I think it would extend to many others, that that would make the difference in us operating at a substantial loss for the year and having the, at least the opportunity to break even.”
The business leaders joining the Tariffs Hurt the Heartland event all emphasize that it isn’t China paying the tariffs, it’s the American consumer. Statistician Laura Baughman says the tariffs cost the average family of four $767 dollars a year and cause the loss of 934-thousand jobs.
Brent is absolutely correct on the Tariffs hurting “all” of rural America. I would like to point out that the Market Facilitation Program payments are based on actual production. Therefore, if you do not raise a crop as a result of floods, hail or drought (yes drought in southwest Nebraska), this program is of no benefit. Beside, the 2018 payments did not make up for the actual value lost in the market place as a result of the Tariffs.