Chapter 16 - Agriculture and International Trade Chapter 16...

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Agriculture and International Trade Chapter 16
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Discussion Topics Growth and instability in agricultural trade The importance of agricultural trade The composition of agricultural trade Direction of U.S. agricultural trade U.S. agricultural trade performance
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Page 381 Exports fell sharply during the financial crisis of the 1980s, recovering late in the decade as interest rates fell. They fell again late in the 1990s as the “Asian Flu” gripped many client nations.
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Trade Liberalization Creation of WTO to implement URA provisions, settle disputes, and review policy Convert quotas to tariff equivalents and phase in reduction of tariffs by 36% over time Reduce export subsidies by 36% over time Lower domestic subsidies by 20% over time Use accepted international standards for food safety and plant health regulations, harmonize standards and establish disease free zones Page 383
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Importance of Trade Crop agriculture in U.S. has become export dependent .
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