CARD researchers have released a new report that investigates the possible impacts that reciprocal tariffs could have on Iowa's economy using historical trade patterns, elasticities, and revenue linkages. Using different scenarios, they estimate overall losses $191 million to $1.49 billion to Iowa’s Soybean industry, $126 million to $528 million to Iowa’s Corn industry, $200 million to $1.18 billion to Iowa’s Hog industry, and $40 million to $168 million to Iowa’s Ethanol industry. Total revenue losses to Iowa businesses range from $813 million to $4.9 billion, while lost household income ranges from $164 million to $1 billion. Tax revenue losses (local, state and federal) range from $56 million to $348 million depending on the scenario, and the State of Iowa itself loses from $12 million to $76 million in tax receipts.
The full report is available at https://www.card.iastate.edu/products/publications/pdf/25pb48.pdf.