KEY MESSAGE: Trade is important to Wisconsin corn growers. We export about 10 percent of what we produce – that’s 50 million bushels. Exports of Wisconsin corn contribute more than $300 million to the state’s economy. Trade agreements like the Trans Pacific Partnership (TPP) are important and needed for agriculture.
- The Asia-Pacific region represents 40 percent of the world’s economy, which is a huge opportunity for American agriculture.
- The TPP agreement will provide new market access through elimination or significant reductions in tariffs on some commodities while establishing preferential tariff rate quotas on others.
- Corn and corn co-products have relatively low or duty-free tariffs to the TPP partner countries, so the agreement will ensure these products remain duty-free.
- But, the biggest benefit to corn growers will be more indirect, with high tariffs being phased out on other U.S. products that require corn for production, including meats, dairy and ethanol.