US Senate Approves New North American Free Trade Deal

The U.S. Capitol building in Washington D.C

The U.S. Capitol building in Washington

President Donald Trump will speak on Sunday before the American Farm Bureau Federation's 101st Annual Meeting in Austin, Texas.

Trump said in Austin that USA farmers will also benefit under USMCA, which he said will "massively boost exports" for farmers, ranchers, growers from "North to South" and "from sea to shining sea".

A monthly survey among farmers published on Sunday and just days after signing a phase 1 trade agreement with China to boost Chinese purchases of American agricultural products to $ 40 billion a year over the next two years President Trump reached his highest level of support.

The China deal, while limited in scope, calmed a tumultuous two-year trade war under Mr. Trump and could help maintain a strong economy that has been his strongest asset heading into his re-election bid. The Chinese said they would "strive" for another $10 billion in agricultural purchases, but warned those sales would be dictated by market demands.

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"We're achieving what no administration has ever achieved before", he said.

"By these radical-left lunatics I get impeached". For example, the share price of Seaboard Corporation, one of the leading USA pork power plants, rose nearly 2% just one day after the trade agreement was signed by both countries. According to the International Trade Commission, U.S. dairy exports are projected to increase by more than $314 million a year.

"It is a good deal for Texas, in several respects", says Thomas Fullerton, economics and finance professor at the University of Texas El Paso's College of Business.

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Farm bankruptcies surged late past year to their highest levels since 2011, largely clustered in Midwestern states crucial to the president's re-election.

Because independent farmers often depend on profits from good crop years to pay bills in years where crops don't do so well. Under the previous administration, the Army Corps of Engineers proposed a new water supply rule that would give the federal government vast and unlimited power to restrict farmers access to water. As a country, our trade policy cannot remain stagnant-we must enhance our trade engagement around the world and explore more opportunities to lower American import taxes not increase them.

The new agreement makes mostly modest changes, and will leave more than 1.2 trillion USA dollars in North American trade flows largely unchanged. Trump said he would sign it after he returns from a trip to Europe this week.

"This trade agreement will serve as a model for future trade agreements, and help grow the USA economy as a whole, especially the auto sector and its manufacturing supply chain", said Matt Blunt, president of the American Automotive Policy Council.

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