USMCA moved one step closer to ratification with the Senate taking action this week, but the deal isn't across the goal line just yet. Meanwhile trade tensions linger with China, and the hopes agriculture interests from a variety of sectors hang in the balance.
In this episode of Feedstuffs In Focus sponsored by Balchem Animal Nutrition and Health, American Farm Bureau Federation economist Veronica Nigh walks us through a deep dive of what USCMA means for U.S. ag interests, with a particular focus on dairy.
Nigh also updates us on progress toward more amicable trade relations with China, and the opportunities for increased trade with Japan.
0:00 In many ways, 2019 was a big year for trade. USMCA was one of the biggest storylines of the year, and has big implications for U.S. agriculture, as do storylines involving Japan, Korea and China.
5:05 What does USMCA mean for U.S. farmers in terms of opportunities for better profitability in the export market?
8:40 In some ways, USMCA provides a blueprint for future trade agreements and partnerships.
11:25 Dairy is one of the biggest winners of USCMA, but it's not the only sector that will benefit from the new agreement.
13:18 USMCA wasn't the only deal done in 2019; Japan was another key market where trade policy was in play last year.
21:11 Korea is also an important U.S. ag export market that saw policy movement of note.
23:30 Everything comes back to China. Nigh talks the latest developments with a trade agreement moving forward in the coming days.
28:35 Where are other opportunities for increased agricultural trade overseas?
31:35 As we look to 2020, Nigh gives an outlook for the year in trade and what it means for the ag markets generally.