One of the largest and most comprehensive trade agreements in the world may soon get even bigger. We’re talking about the Comprehensive Progressive Trans-Pacific Partnership (CPTPP), an 11-country pact that the United Kingdom has officially expressed interest in joining. Below is a primer on the CPTPP, why it’s important and what we should expect in the days and months ahead.
Earlier this week the Biden administration once again made protectionism official U.S. trade policy in issuing the Executive Order on Ensuring the Future Is Made in All of America by All of America’s Workers. Of course this is not new. Whether Republicans or Democrats occupy the White House, protectionism remains good politics as it has since the first Buy American policy came to be in the 1930s. Of course, history shows clearly that this very protectionism exacerbated the negative effects of the Great Depression. But as the saying goes, those who do not learn from history are doomed to repeat it. So here we are.
Joe Biden’s presidency is barely one week old and already he has issued a flurry of executive orders covering everything from immigration to minimum wage and food insecurity. He’s also once again killing the Keystone Pipeline (KXL) and rejoining the Paris Agreement on Climate Change.
With the inauguration just days away, media and the chattering classes are telling us massive change will be forthcoming. In some respects they are correct; after all, a new party and president will occupy the White House, the makeup of Congress is different and a new cabinet will be sworn in. In short, of course there will be policy changes with a new administration.
While no one will be upset to see 2020 draw to a close, uncertainty is likely to linger into 2021 as COVID-19 vaccine rollout and efficacy becomes the predominant focus of governments worldwide. For workers, businesses and families that just want life to return to the pre-pandemic normal, patience and hope will be required. Yet there is reason to be hopeful.
While it’s of no surprise that the global pandemic has slowed the flow of global trade, there remain reasons to be optimistic about what lies ahead. Here are three issues to consider as 2020 winds down and many hope 2021 offers the fresh start everyone desperately needs. Global trade is rebounding As we noted recently, only
The OECD reported earlier this week that merchandise trade grew significantly in the third quarter of 2020, as global exports and imports rose 21.6% and 18.1% respectively. The bounce was especially big in North America. In Canada, they were up by 31.1% and 32.3%, respectively; in the US by 23.6% and 18.5%; and in Mexico by
Here are a few issues we’re tracking as we look at what to expect now that there’s a projected change in the occupancy of the White House. No more arbitrary tariff and related threats? From Canada to Europe to China, many believe that a Joe Biden presidency means we’ve seen the last of tariffs
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced earlier this week that that America’s goods and services deficit was $63.9 billion in September, down $3.2 billion from $67.0 billion in August. For simplicity, any country’s trade deficit is a measurement of the difference in value between its exports and imports. If
As the second wave of COVID-19 rages, once again straining large segments of national economies worldwide, a variety of issues affecting global trade are taking place. Here are three we’re closely watching this week – all of which will affect global trade in both the short and long term. Drama at the WTO It