Daily Management Review

The ‘Slashing Agricultural Economy’ Of The U.S. Mourns The Exit From TTP


01/25/2017


The farmers and agricultural trade unions of the U.S. are facing “new threats” as President Trump signs out of the deal, while others see China taking its place in the deal.



The U.S. President Trump’s step of quitting the TTP deal, which erstwhile provided the U.S. farmers a market of “$62 billion”, comes as a “fresh threat” to the “slumping agricultural economy” which is leaning more towards exports, reports Mark Weinraub.
 
Agricultural bodies have been disappointed by this move, announced on Monday by the President, as a fulfilment of “a campaign promise”; while agriculture sectors urge to the “new administration” is to seek “alternative ways” for boosting exports to Asian continent.
 
However, almost “two-thirds” of Trump’s wining rural votes also included “big agricultural states” like Indiana, Nebraska, Iowa and Ohio. TTP comes on the way of Trump’s aim of boosting manufacturing by hurting the job market of the United States, claimed the President.
 
In the words of the American Soybean Association’s President, Ron Moore:
“The TPP held great promise for us, and has been a key priority for several years now. We're very disappointed to see the withdrawal”.
 
In the Obama administration TTP brought in “$61.735 billion in 2015”, while the annual “Outlook Forum” of 2016 themed the “traded-related sessions” under “U.S. Exports in the warm glow of a completed Trans-Pacific Partnership”. Nevertheless, Trump’s message to the U.S. says:
“I like trade and we need to negotiate down barriers”.
 
It refers towards striking individual trade deals rather than the TTP, explained U.S. Senator Charles Grassley. Even though Japan remains a “top priority” for such deals, he added that:
“it's just not an easy thing to do”.
 
The farmer as well as the “trade groups” of the U.S. fear that leaving TTP would allow other China to take the place of the U.S. As the President and the Chief Executive of the American Feed Industry Association, Joel Newman’s statement said:
“Mounting competition and new trade agreements within that region that exclude the U.S. continue to block opportunities for the U.S. feed industry to capture this demand”.
 
On the other hand, New Zealand and Australia are showing interest in encouraging China along with other “Asian countries” to join TTP. The Chief Executive of the “U.S. Meat Export Federation”, Philip Seng, said:
“We urge the new administration to utilize all means available to return the United States to a competitive position, so that our industry can continue to serve this important international customer base and further expand our export opportunities”.
 
One of the federation’s spokesman, Joe Schuele also said:
“We look at access to the Asia Pacific region as being very, very important to both the beef and pork industries”.
 
 
 
References:
http://www.reuters.com/







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