Global agricultural trade has seen tremendous growth since creation of the WTO in 1995 and US agriculture has been a major beneficiary of the rules-based system that the United States and others helped create.
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The prices of maize, wheat, rice, and other crops have more than doubled over the past two years.
"This presentation explores a policy option that the United States might utilize to reduce the long-run fiscal cost of subsidies and facilitate agricultural trade liberalization, while providing substantial transition support to farmers.