A report by economists at Purdue University indicates U.S. agriculture would benefit if it were to re-enter the Trans Pacific Partnership trade agreement. National Cattlemen’s Beef Association’s Senior Vice President of Government Affairs Colin Woodall says the U.S. is losing market share by not being in that agreement which involves 11 other countries.

The Purdue economists said that by re-entering the TPP, the U.S. could turn a $1.4 billion ag deficit into a $2.5 billion hike. Woodall agrees and says beef would be a big part of that.

Woodall says President Trump continues to say he wants a bilateral trade deal with Japan and while that would be helpful, getting that tariff reduced is the key to regaining that market.

Woodall says it’s critical that the U.S. catch up with a trade pact with Japan and do it fast to get that tariff reduced.