Staff Reports
In a shocking turn of events, U.S. agricultural trade exports have taken a nosedive under the Biden administration, leaving many U.S. senators scratching their heads in disbelief. The latest report indicates a staggering $17 billion decline in fiscal year 2023 and an impending further drop of $8 billion in fiscal year 2024. The Biden administration’s lackluster approach to trade has been called out for this catastrophe, with senators raising serious concerns about the future of American agriculture on the global stage.
Revealing their dismay in a scathing letter to U.S. Trade Representative Katherine Tai and Agriculture Secretary Tom Vilsack, the senators condemned the Biden administration’s trade strategy for its incompetence. The absence of pursuit for traditional free trade agreements has allowed countries like China, Canada, the European Union, and the United Kingdom to seize opportunities that rightfully belong to American exporters. The result? A projected record-breaking agricultural trade deficit of $30.5 billion in FY 2024.
Senators concerned over growing agricultural trade deficit https://t.co/p5BCt50UMY via @dcexaminer
— Ceil Utnik (@CeilUtnik) March 16, 2024
It’s not just the senators who are up in arms about this. South Dakota and North Dakota, both part of the Ninth Federal Reserve District, have been hit hard by the plummeting exports. Senator Kevin Cramer of North Dakota has raised the alarm on the 25% decrease in corn and soybean exports, highlighting the drastic impact on farmers in the region.
The plight doesn’t end there. A USDA report has revealed that grains and animal exports have taken a substantial hit, with corn, wheat, sorghum, and beef suffering from lower export values. The USDA cited the global decline in commodity prices as a major contributing factor to this dire situation.
As if the economic repercussions weren’t distressing enough, the senators emphasized the devastating effect on American workers, farmers, and ranchers, along with the millions of U.S. jobs that are reliant on a thriving export supply chain. The looming threat of diminished access to foreign agricultural markets has painted a grim picture for the livelihoods of hardworking Americans.
In a direct challenge to the Biden administration, the senators have demanded answers and immediate action to rectify this catastrophic decline. They are calling for a comprehensive analysis of U.S. competitiveness and market share in foreign agricultural markets, along with urgent steps to address tariffs, tariff rate quotas, and other market access provisions.
If the Biden administration continues to drag its feet on this issue, the unavoidable and unacceptable decline in U.S. agricultural exports could become a long-term nightmare for American farmers and workers. The fate of American agriculture rests on the prompt and decisive action of the Biden administration, and only time will tell if they are up to the task.
