The report released Monday says additional costs include between $164 million and $242 million in lost labor income.
The report didn’t mention President Donald Trump, who imposed steep U.S. tariffs on steel and aluminum imports earlier this year.
The economic analysis prepared for the Farm Bureau specifically examined the impact on corn, soybeans and hogs, the products most affected by the retaliatory tariffs.
Jay Rempe is a Nebraska Farm Bureau senior economist and co-author of the new report, and he says the total loss to the broader Nebraska economy was estimated as high as $1.2 billion.
The analysis didn’t account for federal Market Facilitation Payments aimed at offsetting the loss of farm revenue because of trade disruptions.