On the agricultural import side, the United States has made a significant quota adjustment for dairy products (cheese) and a series of tariff reductions for other products. The value of these concessions in terms of increased agricultural imports is approximately $106 million. Thus, these concessions will increase agricultural imports by about 1.0 percent over the 1976 base trade figures. An estimated 8 thousand jobs in agriculture and agribusiness will be lost as a result.

The net change in overall agricultural trade due to the MTN agreements is an increase of $356 million. This corresponds to the annual value of sales of about 6,500 average-sized farms in the United States. A net increase of about 26 thousand jobs will occur as a direct result of these From the standpoint of income and employment, U.S. agriculture will receive distinct and measurable benefits from the agreements reached in the Tokyo/Geneva Round.

agreements.

THE TOKYO/GENEVA ROUND: ITS RELATION

TO U.S. AGRICULTURE

James P. Houck

Department of Agricultural and Applied Economics University of Minnesota

Prepared for the Committee on Finance,

United States Senate

May 1979