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USMCA gains don’t offset retaliatory tariffs

Ongoing retaliatory tariffs causing ag exports to decline by $1.8 billion to Canada and Mexico and as much as $8 billion to rest of world.

The modest market access improvements in the U.S.-Mexico-Canada Agreement (USMCA) will lead to an expansion of U.S. agricultural exports by $450 million, mostly in the dairy and poultry sectors. However, the retaliatory measures taken by Canada and Mexico in reaction to the U.S. decision to raise tariffs on their exports of steel and aluminum will cause U.S. agricultural exports to decline by $1.8 billion and $1.9 billion, respectively, to these key trading partners, according to a new trade

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