While most of the nation enjoys nearly unprecedented prosperity, many of our farmers and ranchers find themselves in a daily struggle for survival. Low prices, recession abroad, and natural disasters have all combined to devastate American agriculture over the last few years. This is a time when we need to pursue every new opportunity available to farmers, especially export opportunities.
China is home to one out of every five people on earth.
Its economy is growing at a 7 percent annual clip. But a relatively closed Chinese market means that our farmers are not able to tap into the full strength of that consumer power. During the last fiscal year, in fact, every man, woman, and child in China consumed less than a single dollar's worth of American agricultural goods. The entire U.S.-China trade relationship is wildly out of balance, with China selling us five times more in total goods and services than we sell them. In joining the WTO, however, the Chinese would agree to abide by the accepted rules of international trade.