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USDA report shows how ag trade could benefit from T-TIP deal with the EU

[/title][fusion_text]Monday, April 4th 2016

The USDA is making a new push to drum up support for the Transatlantic Trade and Investment Partnership (T-TIP) deal being negotiated by the U.S. and EU with a new report showing falling farm exports to Europe. The U.S. is importing record amounts of agricultural products from Europe, but report – compiled by USDA’s Foreign Agricultural Service – finds that exports dropped 4 percent last year and part of the problem is EU tariffs that could be reduced by a successful T-TIP deal. U.S. agricultural imports from Europe rose to $25 billion last year, exports to the EU dropped to just $13 billion. While the strengthening dollar and low commodity prices was key to the expansion of the U.S. agricultural trade deficit with Europe, a completed T-TIP would help turn the situation around, the report said. Not all U.S. agricultural exports to the EU are down. Shipments of soymeal, hides and skins and pulse crops dropped in 2015, but exports of wheat, beer, wine and tree nuts continue to increase, according to FAS data. A statement released at the end of February by the Office of the U.S. Trade Representative after the most recent round of negotiations in Brussels, assured that progress is being made and a final agreement on T-TIP should be reached by the end of the year that eliminates or begins to phase out all tariffs.

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