As Mexico’s president mulls a ban on genetically modified corn, research shows the potential for billions of dollars in loss for American farmers.
World Perspectives projects $3.5 billion worth of economic loss the first year alone, with the ethanol industry standing to lose more than half a billion. However, the group projects a staggering $74 billion lost in economic output.
Further analysis shows over the course of 10 years, the ban could raise the cost of corn by nearly 20 percent and in turn, raise chicken prices by nearly 70 percent due to the increased cost of feed.
Tom Haag, the National Corn Growers Association President, weighed in on the report, saying he is working closely with the U.S. Trade Office and it could violate the USMCA agreement.
“They aren’t living up to what they negotiated (and) what they wanted in this trade agreement,” said Haag.
