Abstract
During the period of 1996–2004 discussed in this chapter, agricultural trade policy began to play a more significant role in creating overseas demand for US products. The Federal Agriculture Improvement and Reform (FAIR) Act, enacted in 1996, dismantled much of the existing domestic farm safety net, eliminating acreage reduction requirements, target prices, deficiency payments, and the Farmer Owned Reserve, replaced with fixed direct payments not linked to current production. A portion of farm payments were relinked to production in the 2002 farm bill after the Asian financial crisis of the late 1990s weakened export demand and depressed commodity prices.
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