Global Perspectives: Reports from the Trade War Front Lines

Foreign Exchange - Global Perspectives
Reports from the Trade War Front Lines
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Among many stories swirling in the news these days, the announcement Sunday night about the revamped and renamed NAFTA took center stage in the business press, particularly during the first half of the week. What have we learned so far?
The U.S. can credibly claim that it came away with a slightly better deal than it had, but it certainly was not all that was hoped for initially. The U.S. made progress on requiring that North American suppliers contribute more to auto production at factories with elevated minimum wages and union powers. This will primarily impact production in Mexico. We also got better access to dairy markets in Canada.
Canada and Mexico held their own in negotiations, with most of their "wins" coming from not giving in to key demands from the U.S.: Retention of a key dispute-resolution mechanism, protection from threatened auto tariffs and a longer sunset clause of 16 years versus five.
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