Current US Trade Agreement Negotiations: What You Need to Know

Trade agreements have always been a critical part of the global economy, and the United States has been no exception. Over the years, the US has entered into several trade agreements with various countries, including Mexico, Canada, and the European Union, to name a few. However, in recent times, the United States has been involved in several trade negotiations that have generated significant interest among businesses, policymakers, and the general public. So, what are the current US trade agreement negotiations, and what do they entail? In this article, we`ll take a closer look.

US-China Trade War

One of the most significant ongoing trade negotiations the US is involved with is the US-China trade war. The trade war began in 2018 after the US imposed tariffs on Chinese imports, claiming that China was engaging in unfair trade practices that were hurting US businesses. In response, China imposed counter-tariffs on US goods, sparking a trade war that has lasted to date.

The US-China trade war has had significant implications for both countries, with the US economy bearing the brunt of the tariffs. However, negotiations have been ongoing, with both countries working to reach a resolution. In January 2020, the two countries signed a “phase one” trade agreement, which included significant concessions from China, such as an agreement to purchase more US goods and services.

US-Mexico-Canada Agreement (USMCA)

Another significant trade agreement in negotiation is the US-Mexico-Canada Agreement (USMCA), which aims to replace the North American Free Trade Agreement (NAFTA). The USMCA was signed in November 2018, but ratification has been delayed due to disagreements between the US and Canada on some of the provisions.

However, negotiations have continued, and in December 2019, a revised version of the agreement was signed by the three countries. Some of the provisions included in the agreement are enhancing labor standards and regulations, reducing protectionist measures, and increasing intellectual property rights protection.

US-UK Trade Agreement

The US is also in negotiation with the United Kingdom on a trade agreement. A trade pact between the two countries will be significant as the UK is set to leave the European Union. Negotiations began in May 2020, and the two countries have expressed their desire to sign a deal as soon as possible.

Some of the issues being negotiated include reducing tariffs, opening up the US and UK markets to each other, and enabling the free flow of goods between the two countries.

Conclusion

Trade negotiations are an essential part of the global economy, and the US has been involved in several ongoing negotiations that are crucial to businesses and policymakers. From the US-China trade war to the USMCA and US-UK trade agreement, these negotiations have far-reaching implications for the United States and its trading partners.

As a professional, it`s essential to make sure that articles on trade negotiations are informative and comprehensive. We hope that this article has given you an overview of the current US trade agreement negotiations and what you need to know about them.