Report: Agriculture Would Profit Most In U.S. From TPP
There's a better-than-expected outlook for Indiana agriculture in a report out this week on what would happen if Congress ratifies the Trans-Pacific Partnership.
The TPP is President Obama's big trade deal to reduce tariffs and open new markets with Pacific Rim countries. Congress could vote on it this year, and asked for this forecast from the U.S. International Trade Commission as part of that debate.
The report says the plan would help food and agriculture more than any other sector in the U.S.
"They show farm income up $10 billion a year, driven by net exports growing by $4.5 billion a year," says Indiana Farm Bureau policy advisor Kyle Cline.
That's higher than farm bureau economists expected -- and they already think Indiana farmers could see $196 million more in sales if the TPP goes through.
A lot of that would be for corn, soybeans and pork, the state's top exports. But Indiana Beef Cattle Association Vice President Joe Moore says the plan would help smaller sectors like his grow too:
"To increase the beef production, there needs to be profit into the system," he says, adding that Indiana currently has around 800,000 beef cattle to Texas's 13 million. "Exports add a tremendous amount of value to every head of cattle that's sold."
President Obama is expected to call for Congress to take up the TPP after primary election season. They'd have 90 days to take a vote after that.