Canada Will Compensate Its Dairy Farmers for USMCA Losses
Canadian Prime Minister Justin Trudeau renewed his promise to compensate the country’s dairy farmers for losses they might incur due to the U.S.-Mexico-Canada Trade Agreement (USMCA) that went into effect July 1.
Canada began compensating its dairy farmers $1.75 billion last year for trade losses due to recent agreements with Europe and Pacific Rim nations. Compensation for USMCA losses had been promised when the deal was being negotiated, but none has been forthcoming.
The Canadian government and its dairy farmers are now negotiating the level of USMCA compensation, reports The Canadian Press.
Dairy Farmers of Canada estimate the three trade agreements will open up 18% of the country’s domestic dairy market impact by 2024. You can read the full article here.
A new report from Dalhousie University and the University of Guelph is also urging Canada to revamp its dairy supply management program to make it more competitive both domestically and globally. Failure to do so could mean the loss of half of the country’s dairy farmers within the next decade.