Contents: I. Executive Summary --- II. Evolution of the U.S. Dairy Sector (U.S. Dairy Farms–More Productive and Competitive – Growth in U.S. Dairy Consumption Slows and Diversifies – 2014 U.S. Dairy Policy Reform Eliminates Price Support and Export Subsidies – U.S. Dairy Trade: From Net Importer to Major Dairy Exporter – Long-term U.S. Dairy Projections Underscore Importance of Opening Global Markets) --- III. World Dairy Market (The U.S. is Competitive with Other Major Dairy Exporters – New Opportunities in the Global Dairy Market – Free Trade Agreements and Trade Liberalization Matter for U.S. Dairy) --- IV. Gains from Further Trade Liberalization – the Trans-Pacific Partnership (TPP) Agreement (Overview – Agricultural Provisions in the TPP – Focus on Dairy Products – Quantitative Results) --- V. Conclusions.
