Tag Archives: U.S.

U.S. Chamber of Commerce CEO Tom Donohue said Tuesday that the split Congress has the votes to pass the U.S.-Mexico-Canada (USMCA) trade agreement.

“It would give us a great step forward,” Donohue told CNBC, adding that Congress has “enough votes to do it right now.”

Donohue told FOX Business’ Stuart Varney on July 25 that the USMCA would be “fixed by the September timeframe” and would have Democrats on board.

“There’s very good spirit between the people that are doing it because this is an unbelievable agreement,” Donohue said, adding that “it’s $4 billion a day of trade between the United States and Canada and Mexico – they are our largest trading partners.”

U.S. Senator Ben Sasse is also putting pressure on Speaker Nancy Pelosi:

A few weeks earlier, White House adviser Marc Short told FOX Business that he is optimistic the deal will come together.

“We think that it has the votes,” Short told Maria Bartiromo on July 11. “The reality is that there are 31 congressional Democrats residing in districts that Donald Trump won in 2016. But more importantly, those are districts that create an enormous number of manufacturing jobs in the auto industry or agriculture jobs because we’ve now provided … additional access to dairy farms in Wisconsin, in Minnesota.”

Both chambers of Congress will be back in session in September after the August recess.

Ironically, Mexico ratified the deal in June, while the U.S. Congress has not passed the agreement that President Trump has often touted.

“It means foreign investment in Mexico, it means jobs in Mexico, it means guaranteeing trade of the merchandise that we produce in the United States,” Mexican President Andrés Manuel López Obrador said at the time of ratification.

Meanwhile, the Missouri Farm Bureau published a video of farmers touting the USMCA to the tune of the hit song “YMCA” on Aug. 30.

“Nancy, we know you’re the woman who can get this deal through Congress,” the farmers chant.

A coalition of U.S. dairy groups is urging the Trump administration to reach a trade agreement with Japan quickly. More than 70 dairy groups and companies sent a letter to Trade Representative Robert Lighthizer and Agriculture Secretary Sonny Perdue this week asking the administration to finalize a strong trade deal with Japan quickly.

The coalition, including the National Milk Producers Federation and U.S. Dairy Export Council, say Japan is an established market with a growing demand for dairy products. The letter states that a robust trade agreement with Japan “will bring a much-needed boost to the economic health of the U.S. dairy industry.”

The letter says the Japan-EU agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership have allowed the European Union, New Zealand and Australia to position themselves to take sales from the U.S. dairy industry. The U.S. exported $270 million in dairy products to Japan in 2018. Once the trade deals are fully implemented, the U.S. risks losing $5.4 billion in total export sales.

Tariffs are now costing the U.S. up to $6 billion a month, according to Tariffs Hurt the Heartland. The trade group says American businesses and consumers paid $6 billion in tariffs in June 2019, one of the highest tariffed months in U.S. history.

The June figure is up 2.5 billion, or 74 percent, from the same month last year. The data, compiled from the U.S. Census Bureau, is the first look at the impact of the escalation of tariffs on $200 billion of Chinese goods from 10 to 25 percent in May. The data comes days after President Trump announced yet another round of tariffs on an additional $300 billion in goods, which are set to take effect September 1. China responded to by stopping purchases of U.S. ag products.

Tariffs Hurt the Heartland spokesman Jonathan Gold says the tariffs are “costing American jobs, raising prices, hurting farmers and derailing U.S. economic growth.” In total, American taxpayers have paid over $27 billion in extra import tariffs since the trade war began.