"The total loss in Nebraska farm revenues due to the retaliatory tariffs ranges from $695 million to $1.026 billion so far in 2018," Jay Rempe, Nebraska Farm Bureau senior economist and co-author of the new report, stated.

"That's roughly 11 to 16 percent of the export values of Nebraska agricultural goods in 2017."

The total loss to the broader Nebraska economy was estimated as high as $1.2 billion. That, Rempe said, is "a significant hit to our state's economy."

Looking forward, the report called for congressional approval of the new trade agreement forged by the United States, Mexico and Canada, along with elimination of the recent U.S. steel and aluminum tariffs.

In addition, the report urged swift action to secure free-trade agreements with Japan and with the European Union, along with U.S. inclusion in the Trans-Pacific Partnership trade agreement or bilateral trade agreements with TPP nations, as well as a multinational approach toward China.

Earlier, in an upbeat assessment of the potential for substantial property tax relief, Nelson said "we are turning the corner" in gaining legislative support for meaningful action.