The US and China are expected to sign a “phase one” trade deal today that would keep tariffs in place on some US$360bn in Chinese goods until after the US presidential election in November, while the United States Senate is expected to approve the US-Mexico-Canada (USMCA) trade pact on Thursday.
Bloomberg News reports that Washington and Beijing “have an understanding that no sooner than 10 months after the signing of the agreement at the White House Wednesday, the US will review progress and potentially trim tariffs now in place on $360bn of imports from China.”
But the Washington Post reports that while President Donald Trump can celebrate a political victory, the deal “offers little relief for countless American businesses – including chemical makers, apparel retailers and auto parts manufacturers.” The latter having an impact on the recreational marine industry as well. The Post writes that US farmers, energy producers and manufacturers could see a “windfall, if $200bn in new Chinese purchases materialises over the next two years as US officials hope.”
Meanwhile, Politico reports on a second political victory for Trump as the US Senate is expected to pass the long-awaited USMCA on Thursday. The measure is expected to be approved with strong, bi-partisan support.