The Ohio State University was the final stop on U.S. Farm Report’s 2021 College Roadshow, and faculty in the Department of Agricultural, Environmental, and Development Economics (AEDE) within the College of Food, Agricultural, and Environmental Sciences (CFAES) shared their analysis on important economic issues impacting Ohioans.
In light of the sectors targeted by China’s retaliatory tariffs against U.S. imports, it is not surprising that agriculture was a critical component of the Phase One Trade Agreement between the U.S. and China, that went into effect on February 14, 2020. Specifically, China committed to purchasing an additional $12.5 and $19.5 billion worth of U.S. agricultural products above 2017 levels in 2020 and 2021, respectively, implying total agricultural imports of $36.5 billion in 2020 and $43.5 billion in 2021 (see Section 6-1 of the Agreement). Essentially, these commitments by China constitute a voluntary import expansion (VIE), harking back to the era of so-called “managed” trade between the U.S. and Japan in the 1980s (Bown and Keynes, 2020).
Abandoning Strategic and Economic Goals of TPP Has Consequences
When the United States withdrew from Trans Pacific Partnership (TPP), it forfeited strategic advantages and economic benefits that would likely have emerged through the mega trade deal and partnership with 11 other economies, according to findings presented in a new study.
AEDE's Ian Sheldon joins Joshua Meltzer, Senior Fellow in Global Economy and Development at the Brookings Institute to discuss President Trump's willingness to revisit the Trans Pacific Partnership TPP.