Trade talks continue in limbo

Jul 19, 2019  | 2 min  | Ep4448

Trade was the message of the week as Senate Republicans are looking to get a deal done ahead of the approaching summer recess.

Ratification of the NAFTA replacement must originate in the House of Representatives. Iowa Senator Charles Grassley said U.S. Trade Representative Robert Lightheizer met this week with some House Democrats.

Sen. Charles Grassley, R – Iowa  “To satisfy them about concerns they have on labor, environment and enforcement. I don’t know how those talks are going, but I know this administration has done more to satisfy Democrats in the Congress than Republicans on this new USMCA.”

Domestic agricultural trade groups would like to see an agreement between the three North American trading partners first, with settling the rift with China a second.

Again this week, the Chinese government said a deal with the U.S. must be a win for both countries. Both a Foreign Ministry spokesperson for China and American negotiators say a deal is close.

Geng Shuang, Chinese Foreign Minister: “We believe the Americans think a deal is far away. A journey of a thousand miles begins with a single step.”

And the European trade landscape changed this week with the election of a new European Commission president. The issues of agricultural subsidies and naming rights took center stage.

Ursula Von der Leyen, European Commission President:  “We want multilateralism. We want fair trade. We defend the rules-based order because we know it is better for all of us. We have to do it the European way.”

 

For Market to Market, I’m Paul Yeager.

 

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