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Agricultural industry

America First Policy Institute Unveils Agricultural Policy Brief to Drive Rural Prosperity

Strategic Insights

— 1 min read

The America First Policy Institute (AFPI) has released a new agricultural policy brief, titled "Driving Rural Prosperity by Reducing the U.S. Agricultural Trade Deficit," at the Midwest Agricultural Export Summit in South Dakota. The brief, authored by Kip Tom and Tate Bennett, highlights the need to address the country's agricultural trade deficit, which is expected to reach a historic $50 billion in 2025. The policy brief recommends five key actions to reverse the downward trend of the farm economy, including implementing tariff and reciprocal tariff policies, opening new markets, enforcing trade agreements, monitoring unfair trade practices, and growing domestic consumption of U.S. agricultural products.

Key Takeaways:

  • The U.S. agricultural trade deficit is expected to reach a historic $50 billion in 2025, absent policy changes.
  • The current Administration has achieved historic wins on behalf of farmers through trade deals with the UK, EU, Japan, the Philippines, Indonesia, South Korea, and Vietnam.
  • AFPI's latest policy brief recommends five key actions to reverse the downward trend of the farm economy: (1) implement tariff and reciprocal tariff policies; (2) open new markets through strategic global partnerships; (3) enforce and follow through on trade agreements; (4) monitor unfair global trade practices; and (5) grow domestic consumption of U.S. agricultural products.
  • The policy brief emphasizes the importance of global market access for U.S. farmers and ranchers, and addressing unfair trade practices and barriers to U.S. agricultural products.
  • AFPI's Farmers First Agenda includes policies to protect and advocate for U.S. farmers and ranchers and support rural communities.

Statistics:

  • The U.S. agricultural trade deficit is expected to reach $50 billion in 2025.
  • Farm income is driven by global market prices, and robust and steady market pricing is essential for farm profitability.
  • The past 60 years have seen mostly agricultural trade surpluses, with the current deficit a persistent trend.

Sources:

  • America First Policy Institute (AFPI) - "Driving Rural Prosperity by Reducing the U.S. Agricultural Trade Deficit" policy brief (no date provided)
  • Kip Tom, Vice Chair of Rural Policy and Tate Bennett, Director of Rural Policy, America First Policy Institute (AFPI)

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