We’ve all heard President Trump’s rhetoric about the bad deal America has been getting around the world. Whether it’s China ripping off intellectual property or foreign companies taking American jobs, it’s clear he feels America has been taken for a ride.
But yesterday, there seemed to be some movement in a positive direction. A new deal was struck between the USA, Mexico and Canada called ‘USMCA’, replacing the current NAFTA deal, governing more than $1.2 trillion worth of trade across the 3 countries. The National Retail Federation has praised the deal, which focusses on improving trade for both the dairy and automotive industries.
Whilst Trump has been quick to resolve some of the problems with his neighbours, the ongoing war trade with China which has seen 3 rounds of taxes amounting to over $200 billion, have not been so welcome. The National Retail Federation joined with 80 other trade organizations to form a multi-industry coalition, Americans for Free Trade. Hundreds of retails¡ representatives testified before trade officials in Washington outlining that tax hikes on China would ultimately be passed on to hardworking Americans.