New economic era begins

Rob Fox CoBank
Dec 26, 2024
Dec 26, 2024

1 of 2

CoBank

The United States exports $184 billion in agricultural products in 2023, which is a decrease from the year prior. A trade war will put those directly in the line of retaliatory fire.

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Rob Fox CoBank

The world has now closed the door on the “neo-liberal” political-economic era that began in about 1980, characterized by deregulation and free-market ideology. The global financial crisis of 2007-2008 delivered the fatal but slow-acting blow. The environment we enter in 2025 hasn’t fully defined itself yet, but we do have some idea of what it will look like – international competition characterized by increased government involvement in the economy via tariffs, taxes, subsidies, and controls designed to maximize domestic production rather than rely on imports.

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Rob Fox is the director of CoBank Knowledge Exchange.

CoBank is a $158 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. It’s a member of the Farm Credit System. Visit www.cobank.com for more information.