Now that President Trump has withdrawn from the Trans-Pacific Partnership, the remaining 11 countries of the TPP are moving forward without the United States. The remaining TPP countries have agreed to “launch a process to assess options to bring the comprehensive, high-quality agreement into force expeditiously, including how to facilitate membership for the original signatories.”
They have set a deadline of Nov. 10. The remaining TPP countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
NPPC releases NAFTA benefits white paper
The National Pork Producers Council recently released a white paper on the benefits of the North American Free Trade Agreement to the U.S. economy, agriculture and pork industry. The white paper, “Modernizing NAFTA and Safeguarding U.S. Interests” found:
• Canada and Mexico are the top two destinations for U.S. goods and series, accounting for more than one-third of total U.S. exports and supporting 14 million American jobs.
• Over the past five years, the United States has enjoyed a cumulative surplus in manufactured goods traded with Canada and Mexico.
• Canada and Mexico are the second and third largest markets for U.S. agriculture, representing $38 billion, or 28%, of all agriculture exports in 2016.
• U.S. agricultural exports to Mexico have grown 393% since NAFTA was implemented.
• The U.S. pork industry, which has been the world’s largest exporter of pork over the last 10 years, depends on exports for growth. Exports added $50 to every U.S. hog marketed in 2016.
• The U.S. exports more pork to the 20 countries with which it has free trade agreements than to all other nations combined.
• Mexico and Canada are the No. 2 No. 4 export markets for U.S. pork.
• Withdrawing from NAFTA would amount to a loss of 5% of U.S. pork production, reducing the live hog market by 10% at a cost of $14 per hog, or an aggregate loss of nearly $1.7 billion to the industry.
As the United States, Canada and Mexico get ready to renegotiate NAFTA it is critical the gains that U.S. agriculture has received under NAFTA not be lost.
Animal agriculture important to U.S. economy
U.S. animal agriculture provides significant support to the national economy according to a recent study, “Decision Innovation Solution’s 2015 Economic Analysis of Animal Agriculture.” Animal agriculture’s support to the national economy include:
• $375 billion to gross domestic product
• 2 million jobs to the economy
• $80 billion to household incomes
• Paid almost $21 billion in income taxes
• $7.4 billion in property taxes
A booklet, “The National Impact of Animal Agriculture,” summarizes the study and includes a state-by-state analysis. Copies of the booklet are made available by the United Soybean Board.