Some Indiana farms and businesses are hopeful for a brighter future, thanks to the new United States-Mexico-Canada Agreement. Last week, President Donald Trump signed the trade deal, which is similar to the former NAFTA treaty. Greg Ellis, vice president for energy, environment and federal affairs with the Indiana Chamber of Commerce, said it’s great news for the state, which exported nearly $13 billion worth of goods to Canada, and more than $5 billion worth to Mexico in 2018. Indiana farmers are expected to be able to increase exports by more than $2 billion, and an estimated 60,000 thousand Hoosier manufacturing jobs are directly tied to trade with the countries. The USMCA will open a larger portion of the Canadian dairy and poultry markets to Indiana farmers. And for the automotive sector, the deal calls for less outsourcing of parts and labor. In January, the U.S. reached a phase-one trade agreement with China, which is expected to benefit the agriculture industry. Ellis said both deals will improve stability for businesses in Indiana. Under the new deal, China will purchase and import at least $40 billion of food, agricultural and seafood products from the U.S. annually. China is one of Indiana’s top trading partners.
February 6th, 2020|Local News|