nearvideo Midwestern farmers eye USMCA offer relief in the midst of China trade war
Uncertainty in the market is why some farmers in Nebraska, to urge Congress to pass the proposed trade deal known as the United States Mexico Canada agreement (USMCA).
Another day and insecure the next dollar.
This is the mood of Ryan over the Rhine, a farmer in Nebraska who said that the current trade tariffs to hurt its bottom line. The uncertainty is forcing him to find new ways to keep afloat financially.
“You might delay to find equipment, spare, try, cheap, seeds, or do things a little differently than you would normally do, just to work the cash flow,” said over the Rhine.
Ryan, over the Rhine, a farmer in Nebraska who said that the current trade is to violate duties to his bottom line. PHOTO|MITTI HICKS ON FOX NEWS
According to a recent report by the Nebraska Farm Bureau, the international tariffs, the costs for the farmers in the state of $943 million in lost revenue. The projected losses would be in addition to the tariff-losses in farm-level income is estimated to be between $695 million to $1.026 billion in 2018, according to the report.
In addition, Nebraska, Midwest farmers are also feeling the strain, as the number of insolvencies increased by leaps and bounds. Data from the American Farm Bureau Federation published in July, showed delinquency rates are on a six-year high for commercial agricultural loans, both real estate and non-real estate loans.
Wisconsin, Kansasand Minnesota , which leads the nation in Chapter 12 registrations. Bankruptcy filings in Kansas and Minnesota, increased significantly in the last year, they reached the highest level in the last ten years, the report said.
That is why farmers hope, as over the Rhine, the Congress brings some stability to the approval of the United States Mexico Canada agreement (USMCA).
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The USMCA is a replacement for the NAFTA, which aims to “modernize” and bring NAFTA into the 21st century.
“One of the most important things, the USMCA does is that it protects our markets, we are already in Canada and Mexico. Canada and Mexico are our two largest trading partners,” said Jay Rempe, a senior economist for the Nebraska Farm Bureau. “It is for farmers, ranchers, and other companies that do business with these countries the assurance that you know what the rules are.”
Nebraska is known as the “Cornhusker State” and is the third largest corn-producing state in the United States. PHOTO|MITTI HICKS ON FOX NEWS
The farmers said they hope to fight that USMCA boosts your industry.
“It is a step in the right direction. At least we can make a deal with our two neighboring countries,” over the Rhine, said, it is noted that the addition of Mexico is a critical lifeline. “This will keep a great thing for us through the opening, the Avenue and going.”
Democrats expressed concern about the new agreement between the labor and environmental provisions, but Iowa State University Professor Chad Hart, warns that, if the bill is not passed, it’s impact will be on American soil would have.
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“We’re kind of in the holding the rest of the world,” he said. To help “our economic expansion, the global economy trying to chug along. If we follow tips in a recession, the rest of the world.”
For over the Rhine, he is banking on today’s struggles for the later success.
“It will likely happen again sometime in my life,” he said, “where we learn from it and we are better prepared.”