LITTLE ROCK, Ark. – If President Donald Trump's tariffs on steel and aluminum imports start a trade war, Arkansas could take an almost $400 million hit to its economy.
Agricultural economists at the University of Arkansas say if the state's major trading partners retaliate with similar import taxes on commodities such as soybeans, rice, corn and grain sorghum, the value of those products could drop precipitously.
Eric Wailes, a professor of agribusiness at the University of Arkansas, says the state is vulnerable because it is a major player in the global markets.
"More than half of our production gets exported,” he points out. “China is one of our major markets, particularly for soybeans and for sorghum. And basically there's just concern that the potential for retaliation, certainly by countries like China, is possible."
Wailes estimates a trade war could cause Arkansas agriculture to lose almost 4,500 jobs and reduce labor income by $261 million.
He adds that the loss of output could cost the oilseed farming sector $244 million and another $191 million in the grain farming sector.
Wailes and other economists at the University of Arkansas issued the analysis late last week.
Wailes says the United States is among the largest exporters of rice, corn, soybeans and sorghum in the world, and Arkansas ranks among the top producing states. He adds that the state ships grain to almost every corner of the globe.
"Our major export markets are Japan, China,” he explains. “The European Union is another important market, and then we've got South Korea, Taiwan. We export to well over 150 countries."
He says the impact of a trade war could extend beyond the farm belt to all of Arkansas.
"It reverberates in terms of impacts on the input sector, on the retail sector,” he stresses. “If we take a hit in terms of the value of our agriculture production, that reverberates throughout our entire state economy."
Wailes says markets lost to trade wars can take decades to rebuild, as numerous other countries – such as Brazil, Argentina and Australia – stand ready to jump in and sell their commodities.
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Lawmakers in Olympia this session moved to add more protections for consumers against predatory loans.
Washington state lawmakers passed Senate Bill 6025 unanimously in both chambers, closing a loophole companies were using to evade caps on the amount of interest charged on loans.
Sam Leonard, an attorney in Seattle, said tech companies providing financial services such as loans would charter out of state banks, especially in Utah, where lenders can charge unlimited interest rates.
"These fintech lenders a lot of times will charge 150, 200% interest on relatively small dollar loans, $3,000, $5,000 and the like," Leonard explained.
Washington state has a set of protections called the Consumer Loan Act to shield people from predatory loans. Leonard said capping interest rates at the federal level would help people across the country.
However, he emphasized the bill goes a long way to increase protections for Washingtonians.
"Not a lot of states at this time have passed similar legislation," Leonard pointed out. "Washington is out in front of the curve with regard to protecting low-income Washingtonians or other Washingtonians that might enter into these predatory loan products."
Leonard added the issue with predatory loans is they keep people in continuous debt cycles.
"Loan products like these essentially strip low-income individuals' ability to improve their economic situation," Leonard noted.
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While there's snow in the immediate forecast, the spring storm season has arrived in Minnesota and state officials said with complaints related to homeowner insurance claims on the rise, it is important to monitor changes in policies.
The Minnesota Commerce Department said complaints from policyholders, largely stemming from their claims being denied, have more than doubled since 2020.
Julia Dreier, deputy commissioner of insurance for the Minnesota Department of Commerce, said under a changing climate, the nation is seeing plenty of extreme weather events resulting in wind and hail damage, and insurance companies are adjusting to what's happening.
"Insurance costs are going to increase," Dreier pointed out. "We do want to make sure that Minnesotans are prepared."
As some carriers narrow what is covered or require higher deductibles, Dreier urged consumers to carefully review their policy when it is up for renewal, to avoid surprises when they have to file a claim. The department acknowledged changes can slip under the radar when consumers rely on paperless statements sent via email, or with busy schedules preventing them from reading all the fine print in documents they receive.
The department emphasized it is a complicated process in getting complaints resolved, noting some can be partially reversed in favor of the homeowner. Dreier noted they work closely with the industry to make sure a company's actions are within the letter of the law.
"One of our jobs is to make sure that insurance companies aren't doing something unethical when they're submitting their policy forms to us and their rates to us for review," Dreier added.
The department does have a new video on its YouTube channel, which offers more details on how to better prepare yourself ahead of any future claims, including knowing whether your policy offers flood protection and assessing the value of items in your home.
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Wisconsin has announced a big development in trying to establish more digital equity around the state.
Gov. Tony Evers and the Public Service Commission say Wisconsin's blueprint for digital equity has been accepted by the National Telecommunications and Information Administration.
That means the state is eligible for up to $30 million to implement its approach over the next five years.
Martha Cranley - state director for AARP Wisconsin - called it a robust plan, noting that older populations continue to face challenges in being connected to the digital world.
"We know that at least 15% of people 50-plus in Wisconsin are not connected," said Cranley, "either because the wires simply don't come to their house, or they don't have a device, or they don't know how to use it."
Cranley said the lack of connection is especially concerning in rural areas across northern Wisconsin, where aging communities have limited resources.
Stakeholders also note an infusion of new aid is helpful with the federal government's Affordable Connectivity Program - which provides discounts on monthly internet bills for eligible households - in danger of running out of money.
Cranley said the state's plan came together following extensive public outreach, in which her organization helped convey the need for improved internet access for those 50 and older.
"They certainly heard from older people about how important this is to connect to their doctor," said Cranley, "and to connect to government services, and frankly, find employment."
Overall, Evers says the plan's federal approval means more than 410,000 homes and businesses will be better positioned to be connected to new or improved high-speed internet service.
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