Trade, trade, and more trade. After that, we can then focus on trade. It feels like the world’s most tedious juggling act these past months. Trade deals are always up in the air in one sector or another. At one point, prospects look good on agreement A, then it’s agreement B. Let’s look at where things are at this moment in time.
The two biggest trade negotiations we have had to deal with are with China, and our North American neighbors Canada and Mexico. We have an agreement on one end, but the prospects of finishing the deal are looking better on the other.
On the Chinese front, everybody is waiting with bated breath for an announcement a deal has been struck. United States Agriculture Secretary Sonny Perdue gave an update to Congress on progress with China.
On the other side of this seesaw is the United States – Mexico – Canada Agreement (USMCA). There is an agreement signed, but it seems like it is going to be fighting a steep uphill battle in the legislative bodies of all three member countries, especially among U.S. House Democrats. Hope is fading quickly. National Pork Producers’ Trade Chief Nick Giordano says the steel and aluminum tariffs imposed by President Trump need to be removed if there will be any chance of survival.
Of course, like with any seesaw, there is no guarantee the side which is up right now, will remain up for long.