Editor’s Note: Trade News Will Help to End Year on a Positive Note
The new trade deal with Canada and Mexico and the potential deal with China were welcome news at year’s end despite the fact that their full effects are yet to be known.
Q4 2019
First, in early December, the U.S., Mexico, and Canada signed amendments to the United States-Mexico-Canada Agreement (USMCA), which seeks to modify the 25-year-old North American Free Trade Agreement (NAFTA) and bring it into the 21st century. Among the topics covered in the USMCA are intellectual property rights, digital trade and data storage markets, financial services markets, currency issues, as well as labor and environmental issues. The agreement still needs to be ratified by all three nations.
Shortly thereafter, the United States settled on the final terms of a partial trade deal with China, wherein President Trump agreed to significant reductions in tariffs he has already placed on $360 billion worth of Chinese goods in return for China’s commitment to purchase U.S. farm products, among other concessions. As part of the deal, the administration would also cancel new tariffs on $160 billion worth of Chinese imports that were scheduled to go into effect on December 15th. Business groups welcomed this “phase-one” deal as a sign of easing tensions in the trade war.
Of course, whether these new trade agreements actually go into effect — and whether they actually lower costs for businesses already hurt by counter-tariff measures — remains to be seen. But some positive economic news at year’s end is welcomed. We’ll deal with the fallout in 2020.
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Geraldine Gambale, Editor, Area Development Magazine
Geraldine Gambale has overseen the editorial operations at Area Development magazine for 27 years. Under her direction, the publication has provided valuable site selection and facility planning information to its corporate readers through insightful articles and advice from industry experts, as well as from those who work in the economic development field. Her meetings with high-level government and industry officials in the United States and abroad have provided a prospective of what’s behind companies’ location and expansion decisions. She is also responsible for conducting and analyzing the results of Area Development’s highly regarded Annual Corporate and Consultants surveys. Prior to joining Area Development, Ms. Gambale worked in the banking industry. She holds a BA in English from Queens College of the City University of New York.
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