The previous edition of the This Time in Trade series centered on the unprecedented impact of COVID-19 on international trade. Though the pandemic has created numerous obstacles to global trade flows, the global trade upheaval has begun to cool and this edition of This Time in Trade will discuss other important issues.
Managing Cross-border Risks and Working to Facilitate Resilient Supply Chains
COVID-19 has undoubtedly changed the landscape of international trade. The turbulent times that COVID-19 has ushered in has subsequently established a chaotic trade climate that has seen both positive and negative trade actions by countries. Supply chains have been affected by manufacturing and port closures, as well as export restrictions on some medical and food products. At the same time, there has been positive trade momentum including tariff deferral and exclusions, economic stimulus, extra commercial plane cargo shipments, and increased demand of certain food products. The highs and lows of the pandemic have required countries to reassess their trade policies. Below is a summary of actions over the past three months and considerations for the future as we transition to a new normal and anticipate another wave of cases in fall and winter.
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.