2020 has opened with plenty of good news on the US trade front. The new year kicked off on a high note as the US-Japan trade deal entered into force on 1 January 2020. We have also seen significant progress made on the United States-Mexico-Canada Agreement (USMCA) and the US-China Phase One trade deal. In this edition, we look at these developments along with an update on the state of transatlantic trade talks and a brief overview of other US trade initiatives that may prove fruitful in the coming months.
After a stunning, landslide victory for Boris Johnson and his Conservative party in the 12 December UK general election, Britain is on course to leave the European Union on 31 January 2020. The British people have given Prime Minister Johnson a parliamentary majority of 80 seats and a clear mandate to “Get Brexit Done,” the slogan of his re-election campaign. All hopes for a last-ditch effort to keep the UK in or to have a second referendum have been dashed, but the Brexit process is far from over. Brexit will not be “done” on 31 January, in fact, the harder part may be yet to come.
With the British departure all but assured for the end of January, what’s next for the trade relationship between the UK and the EU and how does this impact potential trade negotiations for a US-UK trade agreement? In this post, I try my best to answer these questions and to give more context on how Brexit could impact US exporters.
TradeMoves presents our new bi-monthly blog series This Time in Trade where we look at current events over the previous two months to present the key developments in trade policy that are impacting our clients and US exporters more generally.
This first edition covers the major policy developments that transpired from October through the first week in December. It has been a very busy couple of months in trade policy. We examine the latest developments in the US-China trade war, the opening of a new exclusion process for US Section 301 List 4A tariffs on imports from China, the ratification process of the United States-Mexico-Canada Agreement (USMCA), the escalating Transatlantic trade fight between the United States and the European Union (EU), and the US-Japan trade deal.