A new study from Purdue University suggests the U.S.-Mexico-Canada Agreement has helped keep food costs lower for American consumers while creating additional market opportunities for U.S. agriculture.
Released by the Corn Refiners Association and the Agriculture Coalition for USMCA, the study estimates North American trade agreements save U.S. households about $700 annually on food purchases, equal to roughly seven percent of total household food spending.
Researchers found that every one percent reduction in food tariffs corresponded with an average 2.8% decline in consumer food prices over a ten-year period.
The report also warns that without USMCA, food tariffs could increase by an average of 7.4%, potentially erasing those savings within a decade.
“Food affordability remains one of the top concerns for American families, and this study makes clear that USMCA is part of the solution,” said Corn Refiners Association President and CEO John Bode.
