Price index for gross value added in farm sector is falling (cumulative 8% under Trump) while that in the nonfarm business is rising (cumulative 3.5%).
Figure 1: Log price index for nonfarm business sector (blue), and farm sector (red), 2017Q1=0. Pnk shading denotes period during which China has tariffed US soybeans. Source: BEA 2019Q1 3rd release, authors’ calculations.
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