ABSTRACT
This chapter evaluates the principal effects of globalization and changing macroeconomic conditions on US food and agricultural markets. It examines the political-economic forces fostering a US trade policy that intermixes protectionism with free trade. The chapter analyses how global trends and related government policies are affecting the US agri-food system's economic vitality. Since 1990, a variety of economic, technological and cultural factors have opened the door to increased international trade and global connections. After 2014, the USD value has appreciated relative to most other foreign currencies. This situation depresses US agricultural exports, and tends to reduce the prices and profits associated with agricultural production. Agricultural markets have been, and remain, some of the toughest areas for reaching a multilateral World Trade Organization (WTO) agreement. Many WTO member nations, and not just the US, have substantial domestic and international policies that protect their own farm products from facing the full brunt of global competition.
