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The 2014 Farm Bill and the WTO

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  • Joseph W. Glauber
  • Patrick Westhoff

Abstract

The 2014 farm bill reduced expected budgetary costs of US farm programs, according to estimates prepared by the Congressional Budget Office. Cost projections are very sensitive to market conditions and program participation assumptions, and stochastic analysis indicates that farm program costs could easily differ from expected values by $5 billion or more in any given year. By replacing direct payments with new policies that make payments tied to market prices and yields, the bill could have important World Trade Organization (WTO) implications. If the new policies are classified as non-commodity specific amber box support, projections indicate that existing WTO limits on the current Aggregate Measure of Support would not be exceeded on average, but could be under some market conditions. Furthermore, the new policies are very likely to exceed some WTO rules proposed by various parties in the Doha Round negotiations.

Suggested Citation

  • Joseph W. Glauber & Patrick Westhoff, 2015. "The 2014 Farm Bill and the WTO," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 97(5), pages 1287-1297.
    • Handle: RePEc:oup:ajagec:v:97:y:2015:i:5:p:1287-1297.
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    File URL: http://hdl.handle.net/10.1093/ajae/aav023
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    Cited by:

    1. Xiaofei Li & Zhiwei Shen & Ardian Harri & Keith H. Coble, 2020. "Comparing survey-based and programme-based yield data: implications for the U.S. Agricultural Risk Coverage-County programme," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(1), pages 184-202, January.
    2. Joseph W. Glauber, 2021. "US Trade Aid Payments and the WTO," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 43(2), pages 586-603, June.
    3. -, 2015. "The Outlook for Agriculture and Rural Development in the Americas: A Perspective on Latin America and the Caribbean 2015-2016," Coediciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 39024 edited by Iica, July.

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