Agricultural Trade

Question 1

What is USMCA

Answer 1

Replacement for NAFTA. Creates more balanced, reciprocal trade that supports high-paying American jobs

Question 2

Highlights of USMCA

Answer 2

$2 billion more in farm exports
$65 billion contribution to total USGDP
Entered into force in 2020
Provides new market access for American dairy and poultry products (3.6% of Canada’s dairy market access for US producers

Question 3

What is us-japan agreement

Answer 3

Agreement that lowers tariffs and puts US farmers and ranchers on a level playing field to compete in Japan

Question 4

Highlights of us-japan

Answer 4

$12 billion a year in agricultural products to Japan, making it the fourth largest destination for American farm and ranch goods
Japan placed the same level of agricultural tariffs on US (for example, 26% on beef for US instead of original 38.5%)

Question 5

US-China Agreement

Answer 5

Signed Phase 1 trade agreement with China in 2020
China agreed to purchase $80 billion of agricultural products
Elimination of non-tariff barriers for meet, poultry, rice & dairy

Question 6

What is one promising trade partnership between the United States and a foreign country?

Answer 6

Taiwan–$663 million worth of American beef purchased. Taiwanese government wanted to lower food prices, so they lowered tariffs. Americans took advantage. Growing GDP per capita, so purchasing power is increasing a lot, meaning that Taiwan has an increased role in the global economy.