The overhauled North American Free Trade Agreement, now named the United States-Mexico-Canada Agreement, or USMCA, will accomplish important objectives for U.S. agriculture, according to CoBank. However, a report by CoBank says what was not accomplished in the agreement is just as important.
The report says that while having an agreement improves certainty, brings more market access and allows the White House to focus trade talks on fewer fronts, it does not provide a pathway to eliminate existing retaliatory tariffs where industries such as dairy and pork have been hardest hit.
A CoBank representative says Canada and Mexico still have tariffs in place that affect the U.S. dairy, pork and beef sectors, adding “U.S. agriculture will have much more to celebrate when those barriers are removed.”
Source: National Association of Farm Broadcasting News Service.