A series of new trade agreements between the United States and various countries are expected to benefit American farmers and ranchers. The American Farm Bureau's latest Market Intel report highlights the significance of trade for rural America.
"Trade is essential to the success of America’s farmers and ranchers," said AFBF President Zippy Duvall. He emphasized that strong agreements connect U.S. farmers to global markets, and the Farm Bureau has consistently advocated for fair competition for American-grown products.
Duvall expressed appreciation for the administration's focus on agriculture in trade discussions. "Opening new markets and working to strengthen existing partnerships will help ensure U.S. farmers can continue leading the world in producing safe, sustainable, and affordable food for America’s families and families around the world."
The Trump administration had warned of reciprocal tariffs if countries did not negotiate new terms by August 1. New trade deals have been announced with the European Union, Japan, the Philippines, Indonesia, Vietnam, and the United Kingdom.
According to Market Intel, "Agricultural trade plays a vital role in the American economy. It supports U.S. farmers while driving economic growth and job creation across the country." With over 20% of U.S. agricultural production exported, these exports are crucial. Each dollar of agricultural exports generates $2.06 in additional economic activity within the United States.
In 2023, U.S. agricultural exports were valued at $175.5 billion, supporting an additional $187 billion in related activities, totaling more than $362 billion in economic activity.
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