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Iowa Governor Terry Branstad joined a bipartisan group of governors and the U.S. Trade Representative Michael Froman announcing support for the Trans-Pacific Partnership (TPP).
The governors say the agreement would cut more than 18,000 taxes other countries put on American products.
Froman says this trade deal is the number one economic item on President Obama's agenda.
On Thursday, he spoke in front of a group of Iowa agriculture group leaders, saying without the trade agreement, the U.S. stands to lose $90 billion every year the deal is delayed.
He says there are many free trade deals going on around the world without the U.S. and that decreases U.S. market shares, "There's a direct economic cost to not moving ahead. There is an even broader strategic and leadership cost to the U.S. I just came from down the street from an event on food security and international cooperation. You have the ambassador from Vietnam, the ambassador from Singapore there. And these countries, very much want us to be involved in the region."
The TPP is a free trade agreement among 12 Pacific Rim countries that totals about 40 percent of the global economy. Froman says since the deal has been drafted, 13 more countries have contacted the U.S. interested in potentially joining.
The Farm Bureau says TPP will make $4.4 billion of increased farm income while the international Trade Commission says it will increase $11 billion of exports.
Last year the President was granted Trade Promotion Authority by Congress, which let him negotiate the current deal letting congress pass or reject but not amend it.