U.S. Dairy Exports to Canada and Mexico Would Surge by $277 Million
The International Dairy Foods Association (IDFA) hailed a new report released today by the U.S. International Trade Commission (ITC) that assesses the likely impact of the U.S.-Mexico-Canada Agreement (USMCA) on the U.S. economy and industry sectors. The ITC report estimates that USMCA would raise U.S. GDP by $68.2 billion, pumping an additional $2.2 billion or 1.1 percent into the U.S. economy through increases in agricultural and food exports.
The report is required under the Bipartisan Trade Priorities and Accountability Act of 2015, known as Trade Promotion Authority. Many lawmakers have said they won’t make up their minds on how they will vote on the USMCA deal until they read the independent agency’s report. The results are now conclusive—USMCA will bolster U.S. food and agriculture exports.
The new U.S.-Mexico-Canada Agreement (USMCA) met the U.S. dairy industry’s top priorities including preserving duty-free market access to Mexico, eliminating the Canadian Class 7 pricing program, and increasing market access to the Canadian market.