INDIANAPOLIS — In the three days since President Donald Trump announced an expansion of tariffs on China, Indiana farmer Brent Bible saw an estimated $50,000 loss when comparing last season's corn and soybean prices to what he anticipates this summer.

"Just in the last three days of trading, we've seen a price reduction that equates to about a $50,000 loss for us simply because of the news and the anticipation of what this is going to create in terms of a trade hardship," Bible said Thursday.

Bible, who farms about 5,000 acres near Lafayette, has seen a 10 percent reduction in corn prices in a year's time and between 20 to 25 percent drop in soybean prices, he said. He has usually expected an 8 to 10 percent annual growth in sales.

"So we are operating at a loss now," he said.

Beginning Friday, Trump is expected to expand tariffs on Chinese imports to include an additional $325 billion in goods left out in last year's tariffs imposition. The focus this time is on industrial components and other goods, increasing from 10 percent to 25 percent as the countries work toward a comprehensive trade agreement.

However, Trump's weekend tweets about the expansion reportedly sent grain markets to a 42-year low. Soy has been one of the hardest hit commodities as China, the world’s top consumer, is backing away from American imports.

Bible spoke as part of a press conference held by Tariffs Hurt the Heartland and the National Retail Federation. Business owners from tech, retail, manufacturing and agriculture areas discussed how a tariff hike with less than a week’s notice created uncertainty, raised costs and hurt U.S. communities.

The organizations oppose using tariffs as a negotiating tool in international business relations, David French, senior vice president of government relations for the National Retail Foundation, said.

"We remain concerned that we are shooting ourselves in the foot by imposing big new taxes on Americans. To be clear tariffs are taxes paid by American businesses and consumers, not by China," French said.

The press conference was held Thursday morning with participants acknowledging that Trump could rescind or modify the proposal.

Of $18 billion collected by the U.S. in tariffs from all countries last year, $12 billion came through China, said Laura Baughman, president of The Trade Partnership consulting firm.

As U.S. consumers pay higher prices due to trade battles, a family of four is likely to spend $767 more annually. Also the national net job loss is predicted to be 934,000, including 15,000 in Indiana.

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