Nebraskans appreciate trade’s role in the Nebraska economy. U.S. agricultural exports have a positive impact. But trust in the media and D.C. is low.
U.S. pig farmers want to help the world bring home the (American) bacon through exports. But the pork industry faces volatile markets and supply chain disruptions due to COVID-19 and African Swine Fever overseas.
The fundamental goal of any trade agreement is to promote and undergird government adherence to rule of law, which in turn enables private economic activity to thrive. When coupled with commitments to market access, individuals and companies are free to do business anywhere in the world.
The U.S. and China signed a trade deal on Jan 15. Attempting to rewire China’s economic system cannot be achieved in one pass – an agreement this ambitious would have to be built in phases. What does that mean for the future of trade deals?
Labor provisions are an increasingly important feature in trade agreements. But do they work? Despite the attention paid to labor provisions in trade deals like USMCA, domestic policy, not trade agreements, might be the most direct – and most effective – way to improve workers’ lot, especially in advanced countries like the United States.
The political winds seem to be blowing in favor of a Congressional vote on the U.S.-Mexico-Canada Free Trade Agreement (USMCA) yet this fall. But before they vote, some Members of Congress want to talk over a few issues with the Trump administration’s negotiators. One is intellectual property protections for the U.S. biopharmaceutical industry. As important as it is, the issue of data protection for biologic drugs is not well understood.
Economists can’t tell you how tariffs impact your own business, your job or your shopping cart. Nonetheless, as tariffs are set to go higher, we look at how economists are dialing the tariffs into their forecasts about growth for the U.S. and global economy.
Just hours after signing the United States-Mexico-Canada Agreement in December last year, President Trump said, “Congress will have a choice of the USMCA or pre-NAFTA, which worked very well.” On the tariff side at least, while a no-USMCA scenario is bad, no NAFTA is most definitely worse.