The American Soybean Association is reaching out to the Trump administration to talk about the benefits of the North American Free Trade Agreement as the president moves forward with plans to renegotiate the agreement.
Related: Trump intends to renegotiate NAFTA
“Given the size and impact of the Mexican and Canadian markets for American soybean producers, we're watching the administration’s decisions very, very closely, and it's fair to say that we're nervous," said ASA president Ron Moore, a farmer from Roseville, Illinois. "For the last 20 years, NAFTA has been a core component in the growth of soybeans as a positive contributor to the U.S. balance of trade. Overall, U.S. ag exports to Mexico and Canada have more than quadrupled since NAFTA enactment, growing from $8.9 billion in 1993 to $38.6 billion in 2015. Mexico’s imports alone are a particularly notable success story for U.S. soy, growing more than five-fold over that same time period to $2.44 billion in 2015. Needless to say, there's a great deal at stake."
Moore acknowledges there's room for improvement in NAFTA, but the soybean growers want to be part of the discussion.
"In particular, we are interested in discussing how to reduce non-tariff barriers as well as the few remaining tariffs on U.S. ag products sold to Canada and Mexico," Moore said.