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Rural Mainstreet Economy falls again over tariff uncertainties
Pictured: Ernie Goss with Creighton University
The latest Rural Mainstreet Index has revealed the rural economy continues to fall.
Ag economist Ernie Goss with Creighton University says the index has fallen below growth neutral for the 19th time in the past 20 months. He says tariffs have been the biggest factor.
“2023 farm income was down from 2022 and then 2024 was down from 2023,” he said. “2025 was looking up until bam we get hit with these tariffs.”
The RMI is a monthly survey of ag bankers in 10 states including Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, and South Dakota.
Goss tells Brownfield 75% of the bankers surveyed indicated they support President Trump’s tariff increases on Chinese goods.
“In my judgement, that’s hoping upon hope that China reduces its tariffs on U.S. goods. We depend heavily on China, Mexico and Canada. All three of those are in the president’s target, at least for right now.”
Goss says approximately 20% of rural bank CEOs recommend that the federal government fully offset farmer losses from tariff impositions, while more than 21% argue for no increase in federal support.
AUDIO: Creighton’s Ernie Goss
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