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  • America First Trade Policy To Reach the Pick This Year
    2019-03-27 hit 231

    America First Trade Policy To Reach the Pick This Year

     

    - KITA analyzed this year’s US trade policy ratification of USMCA and US-China trade negotiation will determine Trump’s re-election -


     

    As the key trade issues to determine the President of the United States Donald Trump’s re-election, and the US Congress ratification of the United States-Mexico-Canada Agreement (USMCA) has been addressed along with the US-China trade dispute.


     

    According to a report titled, ‘2019 US Trade Policy Direction and Implications’ issued by the Korea International Trade Association (Chairman, Kim Young-joo) on March 22nd, this year is an important year that corresponds to the third step in the four steps of the trade policy development course that President Trump has pursued, in which the necessary achievements for the re-election race in 2020 must be drawn up.


     

    Accordingly, the Trump Administration is likely to aim re-election next year based on the results of having resolved the deep-seated trade imbalance and secured the US industries and jobs by achieving the ratification of the USMCA and reaching an agreement on US-China trade negotiations this year with the America First trade policy. In particular, the ratification of the USMCA is expected to affect not only trade negotiations with China but also the future US trade negotiations with Japan and the European Union.


         

    The report states, "Since his inauguration in 2017, President Trump has practiced seven pledges on trade, including the withdrawal from the Trans-Pacific Strategic Economic Partnership (TPP), Section 232 investigations on U.S. steel and aluminum imports, and renegotiation on the North American Free Trade Agreement (NAFTA) and took them as the starting point of all trade measures.

     

    In 2018, the United States’ unilateral trade protectionism measures were carried out and they affected the exporting companies in all over the world. The United States concluded the USMCA, which maximized the benefits of the United States rather than opening markets, through revising NAFTA and completed the second step of his trade policy development course.


     

    Seol Song-yi, team head at the Center for Trade Studies and Cooperation of the Korea International Trade Association, said, This year will be a watershed for US trade policy, which will influence upon President Trump's re-election. She stressed, Korean companies need to prepare not only for the short-term effects of US trade measures on trade, but also for the possibility of mid-to long-term changes in the production networks.


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