PRAGUE, Neb. (KMTV) — The trade war between America and China continues as many across the globe are feeling the effects of it, including local farmers. The number of soybeans exported continues to drop as part of China’s retaliation to American’s 25% tariff on Chinese goods.
"Markets are depressed considerable from what they were just a year ago," says Dennis Fujan, soybean and corn farmer in Prague. "The tariffs have depressed prices more and caused a lot more uncertainty."
Fujan says the price of the soybean hit a 10 year low recently. The Farm Bureau of Nebraska's recent report on exported goods shows there was a $130 million dollar drop in soybeans in 2017, and now this trade war is just adding to it.
"Food is usually the first causality of a trade war, and that's what this part of the nation deals with, is the export of agricultural commodities," says Ernie Goss, Economics Professor at Creighton University.
Fujan hopes a deal is reached soon, because he says farmers are being hit hard with the fallout of this dispute.
"I think all farmers are thinking it probably could get worse, yet we're sure hoping it doesn't," says Fujan.