Thursday, 27 February, 2020

US Senate Approves New North American Trade Deal

Donald Trump signs the phase one trade deal Senate passes President Trump's trade deal with Canada and Mexico, sending it to his desk to sign
Irene Mckinney | 21 January, 2020, 00:57

But with tariffs still in place on two-thirds of more than $500 billion worth of imports from China, US consumers and businesses will be left to foot the bill. Analysts said the uplifted mood among American farmers is also being fired by the US Senate that adopted the US-Mexico-Canada agreement (USMCA) on January 16.

"As long as I'm president, America will never micromanage American waters", he said.

The China deal, while limited in scope, calmed a tumultuous two-year trade war under Mr. Trump and could help maintain a strong economy that has been his strongest asset heading into his re-election bid.

Ted Seifried, a chief strategist with brokerage Zaner Group in Chicago, stated a lack of specific purchase contracts was also disappointing.

The agreement includes pledges from China to beef up purchases of United States agricultural goods and other exports for two years, provides some protections for U.S. technology, and new enforcement mechanisms that allow Washington to quickly impose penalties that Beijing can not respond to. There are some technical and complicated parts of the phase one deal, and it will take some time to digest it all and come up with an overall evaluation.

In an internet video, Mexican President Andres Manuel Lopez Obrador hailed the USMCA's Senate passage, calling the news "very meaningful" as it signalled "more confidence in Mexico" and would lead to growth and investment.

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Earlier, tweeting as he prepared to travel to Texas from Florida, the president said farmers "hit "paydirt" with our incredible new Trade Deals".

The Democratic-controlled U.S. House of Representatives passed the legislation on December 19 after hammering out changes to ensure better enforcement of labor rights and tighter environmental rules during months of often contentious negotiations with the Trump administration. With American agriculture stakeholders, farmers, and Texas politicians alike in attendance, the president touted recent progress on trade policy.

There is a lot of speculation among Trade Experts and Economists about just how much agricultural products China, Mexico and Canada will buy from the U.S. Trump made his opposition to NAFTA a centerpiece of his campaign for president in 2016. By the end of 2019, China dropped tariffs for United States pork.

But tariffs that Mr. Trump imposed on hundreds of billions of dollars in Chinese imports drew backlash from the business community and rattled farmers, who saw retaliatory action from Beijing and plummeting sales that required billions in government payments. Image: U.S. Customs and Border Protection Otay Mesa, California, port of entry.

"We're achieving what no administration has ever achieved before, and what do I get out of it?"

His Senate impeachment trial is set to begin in earnest on Tuesday.

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