USDA's Office of the Chief Economist Publishes Details of Its Trade Damage Estimate CalculationsFri, 23 Aug 2019 10:42:33 CDT
U.S. Secretary of Agriculture Sonny Perdue today announced that the U.S. Department of Agriculture (USDA) Office of the Chief Economist has published a detailed accounting of how estimated damage from trade disruptions was calculated for its support package for farmers announced on July 25, 2019. USDA’s Office of the Chief Economist developed an estimate of gross trade damages for commodities with assessed retaliatory tariffs by China, India, the European Union, and Turkey to set commodity payment rates and purchase levels. USDA employed the same approach often used in adjudicating World Trade Organization trade dispute cases.
“Just as we did before, we want to be transparent about this process and how our economists arrived at the numbers they did. Our farmers and ranchers work hard to feed the United States and the world, and they need to know USDA was thorough, methodical, and as accurate as possible in making these estimates. We listened to feedback from farmers on last year’s programs and incorporated many of those suggestions into today’s programs. While no formula can be perfect in addressing concerns from all commodities, we did everything we could to accommodate everyone,” Secretary Perdue said. “For a long time, China and other nations have not provided free, fair, and reciprocal access to U.S. farmers and ranchers and President Trump is the first President to stand up to them and send a clear message that the United States will no longer tolerate unfair trade practices. Our support package ensures farmers will not stand alone in facing unjustified retaliatory tariffs while President Trump continues working to solidify better and stronger trade deals around the globe.”
The full description of the Trade Damage Estimation for the Market Facilitation Program and Food Purchase and Distribution Program is available on the website of USDA’s Office of the Chief Economist (PDF, 429 KB).
Source - USDA
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