The United States is known for being one of the most prolific trading nations in the world. As part of its efforts to promote a healthy economy and improve its trading relationships, the country has recently entered into several new trade agreements with other nations.
One of the most significant of these agreements is the United States-Mexico-Canada Agreement (USMCA), which replaced the North American Free Trade Agreement (NAFTA). The USMCA went into effect on July 1, 2020, and aims to promote freer trade and investment between the three countries. Key provisions of the USMCA include updated rules on digital trade, increased labor protections, and new environmental standards.
The US has also negotiated a new trade agreement with Japan, which went into effect on January 1, 2020. The US-Japan Trade Agreement significantly reduces or eliminates tariffs on a range of US agricultural products, including beef, pork, wheat, and cheese. In exchange, Japan benefits from reduced tariffs on its own exports to the US, such as industrial and agricultural goods.
Another new trade agreement that the US is currently negotiating is the US-Kenya Free Trade Agreement. This agreement is intended to significantly improve the trading relationship between the US and Kenya, which is currently limited. Negotiations for this agreement have been ongoing since 2020 and are expected to continue in the coming months.
It is worth noting, however, that not all of the US`s recent trade agreements have been received positively. In 2019, the US negotiated a new trade agreement with China, known as the Phase One trade deal. This agreement aimed to address a number of contentious issues between the two countries, including intellectual property theft and forced technology transfer. However, some have criticized the deal for not going far enough in addressing these issues and for failing to address human rights abuses in China.
Overall, the US`s recent trade agreements are likely to have significant impacts on the economy and trading relationships with other nations. It remains to be seen how successful these agreements will be in achieving their intended goals, but they are certainly indicative of the continued importance of international trade to the US and its economic well-being.