TPP could mean millions of dollars for Missouri agriculture

7 months 4 weeks 1 day ago October 28, 2016 Oct 28, 2016 Friday, October 28 2016 Friday, October 28, 2016 2:39:00 PM CDT in News
By: Nora Faris, KOMU 8 Reporter
loading

COLUMBIA - A foreign trade deal could send more of the Show-Me State’s soybeans to Singapore, more of its meat to Malaysia and more of the world’s money to Missouri farmers.

The Trans-Pacific Partnership, or TPP, is a comprehensive, multi-lateral free trade agreement between the U.S., Canada, Mexico and nine countries in the Asia-Pacific region.

Mike Deering, executive director of the Missouri Cattlemen’s Association, said the deal has far-reaching implications for Missouri’s farmers.

“TPP would open doors and limit tariff restrictions in key markets in the Pacific,” Deering said. “Most of agriculture’s customers live outside the U.S., so this expands our industry’s access to those global markets.”

Both Hillary Clinton and Donald Trump have expressed opposition to TPP, saying that the U.S. needs a stronger agreement that more aggressively bolsters the American manufacturing sector.

But Deering said, when it comes to trade deals, the U.S. can’t let perfect stand in the way of good.

“The candidates are correct in that agreements need to be better. They need to be more thoughtful,” Deering said. “The Missouri beef industry would love Japan to give us a 0 percent tariff, but in trade agreements, you usually can’t have the perfect deal on the first try.”

The agreement reduces or eliminates tariffs on some of Missouri’s key agricultural exports, including soybeans, pork and beef. The deal’s market expansion and free trade benefits could increase Missouri’s net agriculture exports by $105 million per year.

Congress hasn’t yet ratified the agreement, but several Missouri agriculture groups, including the Missouri Farm Bureau and Missouri Pork Association, have expressed support for the trade deal.

Farm incomes are expected to hit their lowest point since 2009 this year. The Rural Mainstreet Index, a monthly economic benchmark that measures the health of the farm economy, slumped to its lowest levels since April 2009 this month. According to the index, one in five grain farmers will experience negative cash flows this year. Some farmers are looking to TPP to boost falling farm incomes by providing additional outlets for farmers to market their commodities.

If the U.S. fails to ratify TPP, the country could lose market access and trade advantages across many industries, from agriculture to automobile manufacturing. The trade agreement won’t go into full effect without U.S. ratification, but other countries will likely move forward with bilateral trade deals if the U.S. fails to act. Delaying the ratification of TPP by even one year could cost the country as much as $94 billion in permanent lost income.

Agricultural exports currently support more than 30,000 Missouri jobs. In 2014, the U.S. Department of Agriculture estimated that every $1 billion generated by agricultural exports provided 7,550 American jobs.

Don Nikodim, executive director of the Missouri Pork Association, said Missouri agriculture needs TPP to keep up with its foreign competitors in the global agriculture industry.

“If the U.S. doesn't pass TPP, China is leading a coalition of other states to draft their own similar trade agreement," Nikodim said. "It's up to us to get engaged and get this agreement passed to ensure open trade and market access for U.S. farmers in the TPP countries."

Garrett Hawkins, national legislative programs director for Missouri Farm Bureau, said TPP could enhance the American sphere of influence in southeast Asia and the Pacific region, along with U.S. farmers' market share in expanding markets.

"We remind farmers and ranchers that every day that passes that we do not act on TPP is another day that we lose market share in critical countries, like Japan," Hawkins said. "But TPP doesn't just increase our market share in a region where we need to ramp up efforts. It also increases U.S. influence in a region of the world that could benefit from our leadership."

In order for TPP to take full effect, the U.S. must ratify the agreement before February 2018.

More News

Grid
List
ST. LOUIS — Ryan Ferguson has settled a portion of his lawsuit against police, nearly four years after his 40-year... More >>
1 hour ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 12:44:00 PM CDT in Top Stories
KANSAS CITY (AP) — A Kansas City, Missouri , man is jailed on $150,000 bond after being accused of a... More >>
4 hours ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 9:43:53 AM CDT in News
CHARLESTON (AP) — A judge has dismissed an assault charge against a southeastern Missouri sheriff being investigated in the death... More >>
4 hours ago June 28, 2017 Jun 28, 2017 Wednesday, June 28 2017 Wednesday, June 28, 2017 9:22:00 AM CDT in News
COLUMBIA - As construction continues in the downtown area, workers are finding it difficult to be around. "It's making... More >>
18 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 7:57:00 PM CDT in News
COLUMBIA -The City of Columbia Public Works Department held an informal open house Tuesday, giving people a chance to ask... More >>
18 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 7:38:00 PM CDT in News
BOONE COUNTY - The Boone County Sheriff’s Department is investigating four burglaries this month in the Elm Tree area. Homes... More >>
18 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 7:13:00 PM CDT in News
JEFFERSON CITY (AP) — Th e Missouri Supreme Court says it's constitutional to commit sex offenders to secure confinement after... More >>
20 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 5:23:00 PM CDT in News
BOONE COUNTY - Sheriff's detectives arrested a 20-year-old Jefferson City woman Tuesday in connection with a shooting that wounded two... More >>
21 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 5:04:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri appellate judges are reinstating descriptions of initiative petitions against right to work laws that were... More >>
21 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 4:50:02 PM CDT in News
JEFFERSON CITY - The "21st Century Missouri Transportation System Task Force" will meet for the first time Wednesday afternoon at... More >>
21 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 4:35:00 PM CDT in News
MONETT (AP) — A substitute teacher in southwe st Missouri has been ch arged with having sexual contact with a... More >>
21 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 4:30:41 PM CDT in News
CALLAWAY COUNTY – A proposed port in Jefferson City is one step closer to becoming a reality. The Callaway... More >>
21 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 4:22:00 PM CDT in News
JEFFERSON CITY - NAACP supporters rallied at the state Capitol to ask Missouri Gov. Eric Greitens not to sign the... More >>
22 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 3:58:00 PM CDT in News
COLUMBIA - The Missouri Foundation for Health has awarded $700,000 toward the planning, construction and programming of the planned agriculture... More >>
22 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 3:30:00 PM CDT in News
VERSAILLES (AP) — The Missouri state trooper who had a man die while in his custody pleaded guilty Tuesday to... More >>
23 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 2:41:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri senators won't reconvene until at least after the July 4 holiday to consider legislation on... More >>
23 hours ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 2:08:26 PM CDT in News
CALLAWAY COUNTY — A manhunt for a suspicious person call ended in an arrest just east of Kingdom City. ... More >>
1 day ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 1:22:00 PM CDT in News
COLUMBIA — Columbia Police officers arrested Joshua Michael McWilliams, 23, of Columbia in reference to Monday night's shots fired call.... More >>
1 day ago June 27, 2017 Jun 27, 2017 Tuesday, June 27 2017 Tuesday, June 27, 2017 12:49:00 PM CDT in News
Columbia, MO
Broken Clouds 84°
3pm 86°
4pm 87°
5pm 87°
6pm 86°

Select a station to view its upcoming schedule:

Coming Up Next

1:00p
Days of Our Lives
2:00p
The Dr. Oz Show
3:00p
Dr. Phil
1:00p
Maury
2:00p
Judge Alex
2:30p
Judge Alex

Tonight's Schedule

7:00p
Little Big Shots: Forever Young
8:00p
The Carmichael Show
8:30p
The Carmichael Show
9:00p
This Is Us
7:00p
Arrow
8:00p
DC's Legends of Tomorrow
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld