Trade Agreements 2019

Trade Agreements 2019: What You Need to Know

Trade agreements have been a hot topic in politics and economics for years, and 2019 has been no exception. With the ongoing trade war between the United States and China, the renegotiation of NAFTA, and the Brexit deadline looming, it can be difficult to keep up with all the changes happening in the world of trade.

Here`s a rundown of some of the major trade agreements and negotiations happening in 2019:

1. United States-Mexico-Canada Agreement (USMCA)

In November 2018, the leaders of the United States, Mexico, and Canada signed the USMCA, which is intended to replace the North American Free Trade Agreement (NAFTA). The USMCA includes new provisions on the automotive industry, intellectual property, labor, and the environment.

The agreement has not yet been ratified by all three countries, however. The United States must still pass implementing legislation, and Canada has not yet introduced legislation to implement the agreement. There have also been concerns from Democrats in the US Congress regarding labor and environmental protections.

2. Trans-Pacific Partnership (TPP)

The TPP is a trade agreement between 11 countries in the Asia-Pacific region, including Japan, Australia, Canada, and Mexico. The agreement was signed in 2018, but has not yet been ratified by all countries. The United States withdrew from the agreement in 2017.

The TPP includes provisions on tariffs, intellectual property, labor rights, and environmental protections. The agreement has been criticized by some for favoring large corporations and for potential negative impacts on small and medium-sized businesses and workers.

3. China-United States trade war

The ongoing trade war between China and the United States has been a major source of uncertainty for businesses and markets around the world. The two countries have imposed tariffs on billions of dollars` worth of each other`s goods, and negotiations have been on-again, off-again.

There have been some signs of progress in recent months, with the two countries agreeing to a “phase one” deal in December 2019. The deal includes commitments from China to purchase more US goods and to make changes to its intellectual property practices. However, much remains uncertain, and there are still many outstanding issues between the two countries.

4. Brexit

The United Kingdom`s impending departure from the European Union (EU) has major implications for trade. The UK and the EU are currently negotiating their future trading relationship, which will come into effect after the UK leaves the EU on January 31, 2020.

The negotiations are complex and contentious, with issues such as tariffs, regulatory alignment, and fishing rights all on the table. It remains unclear what the final agreement will look like, and businesses are preparing for a range of possible outcomes.

As a professional, it`s important to note that trade agreements and negotiations are constantly evolving, and it`s important to stay up-to-date on the latest developments. As these agreements and negotiations continue to shape the global economy, their impacts will be felt by businesses, workers, and consumers around the world.

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