Withdrawal From TPP Could Impact Farmers

Posted at 5:54 PM, Jan 24, 2017
and last updated 2017-01-24 23:39:16-05

With the stroke of a pen on Monday, President Donald Trump withdrew the United States from the Trans-Pacific Partnership but now farmers are worried that decision could impact their bottom line.

Corn and soybean prices in the U.S. have reached near historic lows in the last two years meaning farmers are making less even if they are producing more in their fields.

"For farmers you just have to make ends meet and unfortunately some may not be able to do that in the near future," said Chris Kummer, a life-long farmer in Kentucky.

Close to half of the soybeans and corn produced in Kentucky are exported overseas, making trade with other countries crucial to keeping the price of those products up.

Kummer and other farmers were worried that President Trump's decision to end the TPP may negatively impact the price of crops.

"I think what’s been done with TPP will impact American agriculture, I think it will impact me because we’ve got a lot of trade with Asia and anything that impacts that trade in a negative way won’t be good for me here on the farm," he said.

Farm groups estimate the 12 nation TPP may have added close to $4.4 billion annually to the U.S. agricultural sector.

"Agriculture is watching cautiously because international markets are very important," said Dr. Will Snell with the University of Kentucky.

"Farmers are paying close attention to what's happening with those trade components," he added.